After being closed for nearly four decades, a historic Holyoke theatre plans to reopen its doors.

The Massachusetts International Festival of the Arts purchased the Victory Theatre nine years ago for $1,500.

They plan to invest more than $44-million to make it a state-of-art facility.

The Victory Theatre’s been closed since 1979. Back then, residents could watch a movie or a show, for as little as a quarter.

“MIFA” bought the theater from the city of Holyoke in 2009. MIFA’s $44.4 million investment will bring the iconic theatre into the 21st century.

“We’re going to have a 40 piece orchestra pit, so that means that we can have live opera that requires an orchestra that size,” said Don Sanders, artistic director at MIFA. “We currently don’t have a theatre that can handle that type of size.”

The theatre will be outfitted with modern technology, disability accessible seating, and a new LED marquee, inspired by its original version.

Construction is expected to start next June.

The victory theatre plans to open on its 100th anniversary on December 2020.