X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Altamonte Springs city commission, eager to get going on a planned $150 million, one million-sf Town Center enterprise, has approved the project’s focal point–a $16 million, 16-screen, 3,750-seat, multiplex cinema proposed by Atlanta-based MegaStar Cinemas LLC. But a ground-breaking date hasn’t been set.

The Georgia firm signed a deal in May with Town Center lead developer Michael B. Vlass, also of Atlanta, for the 75,000-sf project at the 14.5-acre Cranes Roost Lake site.

The theater will be built at a hard construction cost of about $4,211 per seat or $213.33 per sf. The project comes just as six other area multi-screen theaters are being revived after a two-year industry slowdown.

The Cranes Roost entertainment/retail attraction, an eight-year-old, private-public partnership with Emerson International Inc., abuts the planned Town Center project at Cranes Roost Lake in the city central business district.

This is three-year-old MegaStar’s first Florida venture. The theater will also be the first in the area to offer VIP suites for small business groups or private parties; a children’s birthday party suite; and a full-time concierge for personalized customer services, concepts that MegaStar developed in 1999.

Screening auditoriums will have 125 seats to 500 seats; wall-to-wall screens; digital sound; and stadium seating on 18-inch risers and 48-inch-wide rows.

For MegaStar, the Town Center project is part of a two-year growth plan started in 2000. In that timeframe, the Georgia company opened a 4,000-seat theater at Southdale Mall in Edina, MN; a $10 million, 3,500-seat, 70,000-sf theater in Maple Grove, MN; and a 3,200-seat theater at the Mall at Stonecrest in Lithonia, GA. MegaStar has existing theaters in Chagrin Falls and Cleveland, OH; and Springfield, MA.

The company was founded in 1999 by a Cleveland investor group that owns the American League’s Cleveland Indians baseball team. The ownership group is headed by Larry Dolan and Paul Dolan. James O. McKenna, a longtime cinema industry professional, is MegaStar’s president.

Atlanta developer Vlass, managing principal of Altamonte Springs Investments LLC, is jointly developing the Town Center with James Jacoby of Atlanta-based Jacoby Development Inc.; Orlando-based Martin, Mantle and Bignon; and the city of Altamonte Springs.

Development Design Group Inc. of Baltimore, MD is Town Center’s project architect. Dallas-based Staubach Group beat out Orlando area brokerages for the leasing contract.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.