Century Theaters Commits to Shops at Tanforan

SAN BRUNO, CA-Century Theaters will be an anchor entertainment tenant when the Shops at Tanforan reopen next fall following its $100-million-plus redevelopment by Wattson Breevast LLC that starts next week with the demolition of the existing 295,000 sf of shop space.

Century, the dominant player in the Bay Area market, will build a 20-screen theater atop a new parking garage that is part of the redevelopment. Wattson Breevast SVP Greg Wattson tells GlobeSt.com that Century will sign a 20-year ground lease for the air rights above the parking garage.

Wattson Breevast is a 50-50 joint venture of Wattson Group and Breevast BV, a Dutch company. Including the cost to purchase the property in 1999, the total development cost of the Shops at Tanforan is $125 million. Wattson says the project is being financed by Frankfurt, Germany-based Eurohypo, which is providing $94.7 million of the total cost. Breevast is providing the equity component.