Mall owner Chicago-based General Growth Properties Inc. has contracted with AMC Entertainment Inc. of Kansas City, MO to jointly develop an 18-screen movie theater that has been on hold for the past two years.
The size, seating and hard cost of the theater weren't disclosed. But area construction industry estimators tell GlobeSt.com on condition of anonymity the project with stadium seating will probably be built for at least $150 per sf. Completion is tentatively scheduled for third quarter 2003.
Tied in with the theater project are the tentative development two unidentified restaurants in freestanding buildings and interior renovations. The theater will be constructed on an outparcel west of Dillard's department store.
Surface parking and the former General Cinema Twin theater are on the property. The old theater will be demolished.
Local retail brokers tell GlobeSt.com the Altamonte Mall renovation plans and the development of the theater are signs investors are becoming more confident in the improving Orlando economy.
"The recession is over and recovery is under way in most sectors of the economy," George D. Livingston, founder/chairman, Realvest Properties Inc., Maitland, FL and Central Florida chapter president, National Association of Office and Industrial Properties, tells GlobeSt.com. "Expectations should be up for the rest of 2002 and 2003."
Altamonte Mall is off State Road 436 in Altamonte Springs, FL, seven miles north of Downtown Orlando.
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