Two previous theater tenants dropped out due to bankruptcy last year, putting the project in serious jeopardy. Ground-breaking has been stalled since then due to the lack of an anchor tenant. However, the signing of Crown Theatres is breathing new life into the development by spurring leasing activity at the project.
"Based on our agreement with Crown Theatres, we are moving forward to finalize leases with a wide range of specialty retail tenants and restaurants," says Eric Mallory, SVP of development at Ohio-based Developers Diversified Realty Corp., the project's builder.
According to the terms of its agreement, South Norwalk, CT-based Crown Theatres will operate a 15-screen megaplex with THX digital sound, automated projection and stadium seating, gourmet concession areas and other amenities. "It is significant news that DDR has found a quality theater operator for the Queensway Bay development," says Long Beach Mayor Beverly O'Neill. "We hope to now move forward to create an outstanding waterfront destination for our community."
The Queensway Bay development will be constructed on 18 acres located between the Long Beach Convention & Entertainment Center and the Long Beach Aquarium of the Pacific. It will encompass 450,000 sf of space that includes entertainment, dining and retail.
The project's developers faced serious obstacles in December of last year, when the Long Beach City Council voted a "notice to cure" to DDR, telling them that they had to find financing within 30 days or be fired from the project. However, two months later the council gave DDR a 15-month extension to begin construction. Ground-breaking has now been slated for this summer, with the grand opening scheduled for July 2002.
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