Long-time investor and board member Joseph Amaturo was named chairman of the chain. Michael Whalen, formerly chief financial officer, was promoted to president. Additionally, four high-level, vice-president positions were filled through company promotions.
Though Muvico only has 12 theaters, the chain has caught the attention of some of the country's largest retail developers. Future theaters are planned at two Simon Property Group projects and one Forest City Enterprises development.
All of Muvico's theaters are on the East Coast, but it is moving West. Muvico is opening a 110,000-sf unit in Rosemont, IL, a Chicago suburb, next spring. Executives have said that the company has not ruled out moving further West, depending on whether or not it finds the right sites. Other cinemas are planned for Bethlehem Township, PA; Secaucus, NJ; and Bonita Springs, Boynton Beach and Sarasota, FL.
The company started in 1984 with a three-screen theater in Coral Springs, FL, and grew to eight screens throughout the next 10 years. Muvico's biggest growth spurt came in 2000, when it opened five new facilities.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
