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Commercial Real Estate

Theater Chain Signs for Project

April 10, 2001|From A Times Staff Writer

Crown Theatres of South Norwalk, Conn., has agreed to operate a 15-screen movie theater that will anchor the Queensway Bay project in Long Beach.

Developers Diversified Realty Corp. selected Crown Theatres after two other operators, Edwards Theaters Circuit Inc. and Resort Theaters of America, filed for bankruptcy protection in the wake of financial problems that have hit the movie theater business. The lack of a multiplex cinema has threatened the viability of the $100-million entertainment and retail project that is viewed as a key element in the revival of downtown Long Beach.

"Based on our agreement with Crown Theatres, we are moving forward to finalize leases with a wide range of specialty retail tenants and restaurants," said Eric Mallory, senior vice president of development for Developers Diversified Realty.

The movie house, scheduled to open in July 2002, will be the first California cinema operated by Crown Theatres, said Milt Daly, chief operating officer of the privately held company. Crown Theatres operates 134 screens at 14 locations, primarily on the East Coast.

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