X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Kerasotes ShowPlace Theaters, based here, have two theaters in Chicago under construction and plan to begin construction this summer on a theater in the suburb of Bridgeview, IL. The cost of the three theaters will be approximately $47 million and includes a 14-screen theater on Chicago’s west side, a 15-screen theater in Bridgeview, Ill. and an 18-screen theater in Chicago’s South Loop.

The theater chain opened three theaters last year and will be acquiring two Crown Theaters March 2. “Our main office recently located to the city of Chicago. I think it is just something that the owners have decided to focus on,” spokesperson Clair Malo says.

The 18-screen theater with 4,200 seats, to be constructed in the South Loop, will be the largest theater Kerasotes has built. The project, in the Roosevelt Collection development, is expected to open at the end of the year in time for the holidays. “We feel that this is a very underserved area. The location just looks like a perfect place, especially with the development that is going in around it,” Malo says.

Construction is expected to begin this summer on a theater at the intersection of 79th Street and Harlem Avenue, in Bridgeview. The cost for the new projects averages about $1 million per screen, which includes the cost of the construction and land acquisition, Malo says.

A 14-screen theater is scheduled to open this summer at the intersection of Central and Grand avenues, on Chicago’s west side. In November, a 12-screen theater opened in Niles and a 14-screen theater opened in Cicero, Malo says. Last summer, Kerasotes also opened a 16-screen theater in Naperville. Kerasotes will also acquire two movie theaters in the Chicago area and 11 theaters, with 125 screens, in Colorado on March 2. The two acquisitions in the Chicagoland area are the Crown Theaters Glen 10, a 10-screen theater in Glenview, and the Crown Village Crossing 18, an 18-screen theater in Skokie. “They are superb builds, very high-performing locations and they fit in well with our corporate philosophy,” Malo says. Kerasotes is not planning major renovations on the theaters, which are “relatively new locations,” she says.

The movie theater chain was started in 1909 with a movie theater in Springfield, IL, opened by Gus Kerasotes. The business is the nation’s sixth largest movie theater chain with 94 theaters, with 838 screens, in Illinois, Indiana, Iowa, Minnesota, Missouri, Ohio and Colorado.

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?

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.