Area industrial brokers in a position to know tell GlobeSt.comGreat Escape Theaters LLC, owned by Alliance Enterprises Inc. ofNew Albany, IN, is negotiating to buy 19 acres with an option tobuy 24 additional acres for an $11-million, 3,100-seat, 16-screentheater near Henry Town Center and the planned $200-million,1.5-million-sf South Point mall which also expects to have acinema.

However, South Point joint venture partners Cousins PropertiesInc., Simon Property Group and North American Properties, aren'tplanning a ground-breaking before first quarter 2005, while GreatEscape principal Anne Ragains plans to break ground this summer andis scheduling a March 2005 debut for her project.

Brokers familiar with the South Point project tell GlobeSt.comthe joint venture partners are not changing their development plansand will be proceeding with their own theater construction at anundetermined date in 2005.