ORLANDO, FL, Dec. 16, 2008 – The Orlando office of CB Richard Ellis is pleased to announce the completion of a 12 screen movie theater lease to anchor The Plaza (top right photo) mixed-use development within Downtown Orlando.The Plaza is at the intersection of Orange Ave. and Church St. in the core of the Downtown area.
CB Richard Ellis brokers Bobby Palta, (top left photo) Senior Associate, and Wood Belcher, (middle right photo) First Vice President, procured and negotiated the lease with the new theater tenant, Atlanta-based American Theater Corporation.
CB Richard Ellis brokers Bobby Palta, (top left photo) Senior Associate, and Wood Belcher, (middle right photo) First Vice President, procured and negotiated the lease with the new theater tenant, Atlanta-based American Theater Corporation.
The 57,000 sq. ft. lease will be for a 15-year initial terms plus options. The lease was signed in September but contained several contingencies including the recent City Council vote.
The vision for a Downtown movie theater began with the City of Orlando in the early 2000s. Construction started on The Plaza in 2004 with a theater opening planned for 2006 under a management agreement only, however several financial obstacles with the former owner impeded the entire project.
RP Realty Partn
ers purchased the retail portion of The Plaza from the developer as well as the parking garage from its lender in a foreclosure sale in 2007 and 2008. In April 2008, RP Realty Partners hired CB Richard Ellis to lease the remaining retail space within The Plaza including the partially completed second floor movie theater space.
The Orlando City Council vote on December 15 represented a major milestone for the property owners and citizens of Orlando. The City Council voted to approve two funding agreements providing loans of $6 million to The Plaza owners to be repaid exclusively using special tax assessments on its properties.
ers purchased the retail portion of The Plaza from the developer as well as the parking garage from its lender in a foreclosure sale in 2007 and 2008. In April 2008, RP Realty Partners hired CB Richard Ellis to lease the remaining retail space within The Plaza including the partially completed second floor movie theater space.The Orlando City Council vote on December 15 represented a major milestone for the property owners and citizens of Orlando. The City Council voted to approve two funding agreements providing loans of $6 million to The Plaza owners to be repaid exclusively using special tax assessments on its properties.
This will allow construction to resume on the theater space i
mmediately with funding contingent on a Certificate of Occupancy on or before July 1, 2009.
"We are very pleased to have completed this remarkable transaction, which is of major economic importance to our clients RP Realty Partners," says Palta and Belcher.
mmediately with funding contingent on a Certificate of Occupancy on or before July 1, 2009."We are very pleased to have completed this remarkable transaction, which is of major economic importance to our clients RP Realty Partners," says Palta and Belcher.
"It was very complex given the problems with the previous developer and current economic climate. We are excited that the citizens of Central Florida will now be able to enjoy this first-class theater when it opens this summer."
The theater will have 12 screens, two of which will feature digital high-definition – a first for Central Florida. The Plaza Theater will show mostly 'First Run Films' along with independent, art and foreign films.
The theater will have 12 screens, two of which will feature digital high-definition – a first for Central Florida. The Plaza Theater will show mostly 'First Run Films' along with independent, art and foreign films.
Major televised sporting events will also be shown in addi
tion to opportunities for corporate events. Beginning in November 2009, The Plaza Theater will be the new home to the Orlando Film Festival, currently in its third year.
Unique to the Plaza Theater will be the full menu of concessions, including hot entrees, beer and wine.
tion to opportunities for corporate events. Beginning in November 2009, The Plaza Theater will be the new home to the Orlando Film Festival, currently in its third year. Unique to the Plaza Theater will be the full menu of concessions, including hot entrees, beer and wine.
Under the new ownership, the buildout of the lobby, theaters and two wine bars have been upgraded to an upscale, modern look.
The theater chairs will be wide stadium recliners with 10-inch tables between the chairs. Attendance at the theaters is estimated between 500,000 and 600,000 patrons annually, impacting existing tenants within The Plaza and throughout Downtown Orlando.
RP Realty Partners is in final bidding for the construction and is dedicated to using local contractors. Upon opening, the Plaza Theater will create more than 100 new jobs within the cinema alone. The economic impact within the immediate area of Downtown Orlando is conservatively estimated at $12 million annually.
RP Realty Partners is in final bidding for the construction and is dedicated to using local contractors. Upon opening, the Plaza Theater will create more than 100 new jobs within the cinema alone. The economic impact within the immediate area of Downtown Orlando is conservatively estimated at $12 million annually.
Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com
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