We will save Melbourne's Palais Theatre: Labor

Labor is promising a once-in-a-generation restoration of Melbourne's historic Palais Theatre if it wins government.

Victorian party leader Daniel Andrews says he will contribute $13.4 million to a $26.7 million restoration project if Labor is elected on November 29.

"The Palais is the heart and soul of live music in this city," Mr Andrews said.

"This won't be a patch-up job.

"It's a once-in-a-generation restoration to give the building a new life."

Labor member for Albert Park Martin Foley said the theatre, where he took his wife on their first date, held special memories for many people.

"This is not just an important part of the history of this community but Victoria's cultural communities," he said.

"This is so important to so many people. It's part of not just people's local lives here but all of Victorians' lives.

"We've all got a story."

Hunters and Collectors rocker Jack Howard said the venue was worth the investment.

"It's very special," he said.

"It's cheap to save a venue like this, so hopefully Dan's going to do it."