HOLYOKE -- Architects working on the rehabilitation of the Victory Theater at 81-98 Suffolk St. submitted final drafts to the Holyoke Planning Board on Tuesday.

The board reviewed and approved fence heights, a parking reduction plan and the theater's marquee.

Donald T. Sanders, executive director of the Massachusetts Festival of the Arts, which owns the theater, said the board's approval represented a significant milestone in the project.

The historic 1,600-seat theater opened in 1920 and closed in 1979. MIFA bought the city-owned property in 2009 for $1,500.

Estimates on the renovation range from $30 million to $45 million. MIFA has secured $18 million in federal New Market and Historic Tax Credits and other funding. In August, the Baker administration announced an additional $13 million in state funding.

This week the Holyoke Planning Board approved the final architectural drawings presented by Mark Arigoni, of Milone & MacBroom, and Michael Viveiros, of DBVW Architects.

"What's exciting is the enthusiasm for this project," Sanders said. "It's a very emotional day for me because 15 years ago we had Baryshnikov in Holyoke to kick off this project."

Ballet star Mikhail Baryshnikov performed at the War Memorial Auditorium on Jan. 23 and 24, 2004.

MIFA hired Milone & MacBroom, of Springfield, as the project engineers. Barr & Barr, of Natick, will lead the construction team.

The plans also include building a 5,000-square-foot annex on Chestnut Street, which will extend the theater's northeast side. The board agreed on an 80-square-foot static marquee at the theater's entrance, along with fencing to hide mechanicals and a dumpster.

The actual cost of construction is unclear. "People should realize it includes a sustainability fund that starts when the doors open. It's a smart move to ensure that the theater has some stability for the first five years," Sanders said.

The theater has deteriorated over the decades, with water penetration the primary factor. In the past few years, crews patched up the roof, which limited water from entering the building.

"The architects are moving toward the final plans, and we're still fundraising, of course. It's very important to activate the bonds," Sanders said. "There're plenty of people working around the building and doing all this testing."

MIFA continues to conduct public tours of the Victory's interior.