Altamonte Springs OKs MegaStar's $16M Theater Venture

ORLANDO-Altamonte Springs city commission, eager to get going on a planned $150 million, one million-sf Town Center enterprise, has approved the project’s focal point–a $16 million, 16-screen, 3,750-seat, multiplex cinema proposed by Atlanta-based MegaStar Cinemas LLC. But a ground-breaking date hasn’t been set.

The Georgia firm signed a deal in May with Town Center lead developer Michael B. Vlass, also of Atlanta, for the 75,000-sf project at the 14.5-acre Cranes Roost Lake site.

The theater will be built at a hard construction cost of about $4,211 per seat or $213.33 per sf. The project comes just as six other area multi-screen theaters are being revived after a two-year industry slowdown.