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11 October 2014 Last updated at 16:05 BST
Duncan Wilson, chief executive of Alexandra Palace and Park says at the moment it is one of London's "least well known architectural treasures".
The world's first television station could be renovated too under the plans, as John Thompson of Alexandra Palace Television Group explains.
Jim Wheble reports.
A forgotten part of Alexandra Palace could be given a new lease of life if plans are approved to transform a Victorian theatre into a new film, play and concert venue.