LOS ANGELES—Texas-based movie theater Alamo Drafthouse Cinema has signed a lease at the Ratkovich Co.‘s $180 million downtown development, the Bloc. This is the movie theater chain’s first West Coast location. The terms of the lease transaction are still being negotiated, but Wayne Ratkovich, president and CEO of the Ratkovich Co., said that the movie theater will occupy approximately 30,000 square feet at the center.
“This is a mixed-use environment with hotel, office and retail, and in particular for the retail, we want to reach a younger audience while integrating the more traditional retail entertainment, food and social places,” Ratkovich tells GlobeSt.com. “We are trying to create a meeting place that would be a composite of those things. Alamo Drafthouse fits that aspiration of ours very nicely.”
Alamo Drafthouse shows first-run and independent films, and has a culinary kitchen that serves housemade dishes. The L.A. location will have nine screening rooms that will hold a total of 800 people. It will also offer a screenings in 3D and 35mm, and will have 4K digital projection with high-quality sound for a premium viewing experience. The theater will open in 2015, when the Bloc holds its official grand opening.
Located on the former Macy Plaza site, the Bloc plans to create a new social experience downtown, so the leasing team has a special interest in attracting entertainment and dining destinations. “We will probably have a disproportionate share of entertainment and restaurant tenants compared to most retail environments, but they will be an important part of downtown and an important part of this project,” says Ratkovich. “In terms of retailers, we will be targeting the missing link in downtown, which are high-end retailers for men and women. Like everyone else in the world, we are focusing on the millennials.”
The developer announced the concept of the retail center in June 2013, after purchasing Macy Plaza for $241 million. Once complete, the Bloc development will have a total of 1.8 million square feet with 350,000 square feet dedicated to retail. There are currently 100,000 square feet remaining for lease, which is being handled by the Ratkovich’s CBRE leasing team.