The brand new, state of the art, (but vacant) downtown movie theater may finally be getting a tenant. The city is working on an incentive package with RP Realty Partners to complete interior build-out of the theater space (located in The Plaza complex on Orange Ave).
It is estimated to cost $6M to build-out the theater in what is described as an "Upscale Cinema Pub" style, featuring first run movies with terraced table seating and food and wine table service. The focus of the theater is to draw in a more mature audience than traditional movie theaters which typically draw in a primarily teen-age crowd.
The $6M incentive loan would not be coming from tax dollars, but from the CRA fund (Downtown Community Redevelopment Agency) that can only be spent on projects within the downtown core (such as the previously discussed Paramore project). A tax assessment will be levied on The Plaza parking garage and retail space that will be used to payback the loan (with interest) over 15 years.
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