BROOKLYN - The historic Paramount Theatre is set to reopen in downtown Brooklyn after receiving a major facelift.

The Brooklyn Paramount once hosted legendary acts such as Frank Sinatra and Ella Fitzgerald. The venue is currently part of the Long Island University Brooklyn campus, being used as a spare auditorium and sports complex.

LIU and Barclays Center developer Bruce Ratner are spearheading the $50 million project.

The new facility will have space for 3,500 seats and will give emerging artists and university students a place to develop and display their music. Some amenities of the past, such as the ornate ceiling and historic organ, will be preserved.

Organizers say the renovation project will take about two years to complete.