WHITE PLAINS-Quincy Amusements, a subsidiary of National Amusements Inc., of Dedham, Mass., has signed a lease with Cappelli Enterprises of Valhalla to operate an 80,000-sf multiplex theater at its proposed City Center development to be located at the former Macy’s site in the downtown district here. The theater will feature 15 screens and accommodate 3,500 patrons.

The lease was signed on Tuesday and is for a 20 year-term, according to Bruce Berg, executive vice president of Cappelli Enterprises. The transaction marks the first signed lease at the 1.2 million sf, City Center development to be built at the former Macy’s department store site on Mamaroneck Ave., and Main St., and adjoining property. The $300-million venture is nearing the end of the approval process. In fact, the development, which will feature approximately 600,000 sf of retail space and 600 rental apartment units, is expected to receive final site plan approval by the City Council on Sept. 20. Earlier this week the council voted to approve a special permit that allows Cappelli to build two 34-story tower buildings on Main Street, and E.J. Conroy Drive. The residential component of the project which totals approximately 600,000 sf, would include 560 apartments located in the two tower buildings and 40 townhouse units in a low-rise structure.

Commenting on the importance of the lease deal with Quincy Amusements, Berg says, “They are the first tenant. It is a major momentum builder. The other tenants that we are negotiating with have been very interested in this transaction.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.