In 2008, RPI announced the purchase of the former Rensselaer Best Western Inn, located at the base of the hill, along with plans to transform it into a new residence hall. After extensive renovations, the residence hall was dedicated on 15 May 2009, as the Howard N. Blitman, P.E. '50 Residence Commons. It houses about 300 students in 148 rooms and includes a fitness center, dining hall, and conference area. The new residence hall is part of a growing initiative to involve students in the Troy community and help revitalize the downtown. RPI owns and operates three office buildings in downtown Troy, the Rice and Heley buildings and the historic W. & L.E. Gurley Building. RPI also owns the Proctor's Theater building in Troy which was purchased in 2004, with the intention of converting it into office space. As of 2011, Rensselaer had signed an agreement with Columbia Development Companies to acquire both Proctor's Theatre and Chasan Building in Troy and launch a redevelopment.