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FORT LAUDERDALE, FL—Silverspot Cinema just inked a lease deal at Promenade at Coconut Creek, a 23-acre, 277,000-square-foot mixed-use retail and office development from Garrison Investment Group. Financial terms of the deal were not disclosed, but market sources say it’s worth about $10 million.
Silverspot, which is a division of Venezuelan-based Cines Unidos, will operate a 12-screen theater in the mixed-use complex. The upscale theater will feature a combination of first-run blockbuster, 3-D, and concerts presented with state-of-the-art projection and sound technology.
“The closest upscale theater is 10 and a half miles away in Boca—Muvico 20 on Airport Road,” Mitchell Salmon, senior vice president and director of Garrison Investment Group, tells GlobeSt.com. “We are in what is called a hot zone.”
Developed with the luxury movie-goer in mind, each theater has hand stitched leather stadium style seating, as well as an upscale restaurant, bar, and lounge. The 47,000-square-foot multiplex, scheduled to open in 2013, will be the company’s fourth U.S. market.
Built in 2008, Promenade at Coconut Creek sits at the intersection of Lyons and Wiles Road near the Florida Turnpike and Sawgrass Interchange. The complex is surrounded by the densely populated trade areas of West Boca Raton, Parkland, Coral Springs, and Pompano Beach.
The 197,000-square-foot retail center hosts a mix of national fashion and restaurant tenants, including DSW Shoes, Sur La Table, Banana Republic, Starbucks, and the World of Beer. Promenade at Coconut Creek is one of the first major retail developments in the Southeast to earn LEED certification. The mixed-use project is currently 86% occupied.
“Promenade is the dominant center in Coconut Creek so it is difficult for us to know about the health of the submarket,” Salmon says. “We have ongoing interest from and leasing activity with nationals, as well as regional, retailers.”
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