GLENS FALLS — A 70-seat full-service restaurant will be part of the renovated Park Theater, expected to be ready for opening in late 2017, said developer Elizabeth Miller.

The restaurant and a commercial kitchen will be located in the basement of the historic theater building, with the main floor renovated for a performing arts space.

The performing arts space will have seating for up to 250 people, depending on the type of production and seating arrangement.

It will be designed for live theater, music and dance productions, but will also have a screen that can be lowered for film showings, Miller said.

Miller said she envisions the space as complementing, not competing with other area entertainment venues, such as Charles R. Wood Theater.

“I think there will be quite a lot of collaboration of arts groups,” she said Thursday at a meeting of the Glens Falls Industrial Development Agency board.

The IDA board approved “preliminary authorization” of a five-year property tax abatement on the 14 Park St. project.

The board will vote on final authorization after a public hearing at 8 a.m. June 24 in the mayor’s conference room on the second floor of City Hall.