After Alfred died in 1959, ownership was transferred to his daughter, Frances DiBella, who was behind the cash register or the popcorn counter nearly every night for more than fifty years.

On her death on April 26, 2004, ownership passed to her nephew, Michael Heagerty, who embarked on an extensive renovation of the theatre including opening The Palace Café next door (which has since been closed).

Renovations included the installation of a digital high-definition video system, Dolby Surround Sound, and laptop presentation capability with the largest computer graphic projection in Central New York.

[citation needed] Despite a temporary setback due to flooding soon after it reopened, the theatre is presently a lively venue for current and classic movies, meetings, parties, speeches, live concerts, lectures, benefits, and other community events.

Syracuse Mayor Matthew Driscoll delivered his 2005 "State of the City" address at The Palace, and it hosts an annual B-Movie Film Festival that draws attendees from all over the world.