ALBANY — Once a home for live music where legends like Frank Sinatra and Louis Armstrong performed, a dormant building along North Pearl Street will once again be a center of activity in downtown Albany.

Redburn Development Partners announced Friday that the Rain-Bo Room within the former Kenmore Hotel will be renovated for use by a new anchor tenant, Katie O’ Weddings and Events, as the Kenmore Ballroom.

Jeff Buell, a principal of Redburn Development, said the multi-story building was chopped up in the 1980s to accommodate office space.

“We are going to bring it back to its opulent glory and what it once was, which was a center of activity during the late 1800s and early 1900s in downtown Albany,” Buell said.

The first floor of the building will offer space for a variety of events, from business conferences to weddings, said Katie O’Malley Maloney, owner of Katie O’. Developers say the event space will be open by April.

“To be a part of a project that brings so much heart and vibrancy back to downtown Albany — to be the anchor of what I believe is downtown Albany on Pearl Street — is a true honor,” O’Malley Maloney said. “We expect to fill this building with parties of all sizes.”

Friday’s announcement is one of several that will follow in the coming months as Redburn finalizes leases with other retail entities to fill the space. The building at 76 North Pearl St. also will feature over 126 apartments with the developers’ $28 million investment.

Mayor Kathy Sheehan lauded the anchor business moving in, pointing out that O’Malley Maloney brings a laser focus on customer service.

“That’s what we need in this space,” Sheehan said. “We remain committed to coming right alongside the investments that are being made here — investing in infrastructure, investing in walkability and making sure that the experience everyone has down here is as phenomenal as the investment that’s being made.”

Georgette Steffens, the executive director of the Albany Downtown Business Improvement District, said the addition of O’Malley Maloney’s services will provide a unique venue for downtown.

The venue also will help support other businesses downtown, which have struggled being across the street from a “real eyesore.”

“Plus, you have the history,” she said. “Where can you get married where Frank Sinatra has sung?”

The five-story building rehabilitation is one of seven buildings in the Clinton Square neighborhood that Redburn is infusing with roughly $78 million to create 350 mixed-income apartments along with commercial and retail space. The investment is being assisted with state and federal funding and tax credits.

Developers in August announced The Yard – an indoor outlet for ax-throwing, ladder ball, cornhole and other yard games – would fill the loading dock of the former Times Union building on Sheridan Avenue. Once home to The Knickerbocker News, the Knick at 16 Sheridan Ave. also offers apartments.

The Kenmore previously was owned by Colonie businessman Herb Ellis, who in 2011 proposed turning the historic building along with the Steuben Athletic Club and the former Times Union building into high-end apartments through an extensive use of tax credits. The project never materialized, and the buildings became delinquent on taxes from 2011 through 2014.

Redburn also has acquired the athletic club at 1 Steuben Place that developers plan to transform into a mixed-use facility featuring public entertainment, restaurant, commercial and residential space.