Thread: Southern Theaters at Pier Park
Southern Theaters at Pier Park
Simon Property Group, Inc. announced today (September 12, 2006) that Southern Theatres, LLC has begun construction on the Grand 16 Theatre at Pier Park in Panama City Beach, FL. The 16 screen-3,200-seat multiplex movie theatre will be the largest in the Panama City Beach, Panama City, Destin and Ft. Walton area.
The Pier Park Grand Theatre will include stadium seating, digital sound, high back rocker seats on 18-inch risers, three concession areas, a specialty café and a game room. The theatre is scheduled to open in May 2007.
“The Grand Theatre will be a perfect fit for our customers at Pier Park,” said Tim Kushner, regional vice president of development at SPG. “They will be able to choose from the most current films in a first-class environment.”
“We are looking forward to opening this state-of-the-art movie theatre in Pier Park. We are confident that our patrons will experience first-hand our total commitment to customer service and enjoy watching a movie in this theatre which features the latest technology and amenities available,” said George Solomon, of Southern Theatres, LLC. The new theater complex will be designed by Beck Architecture of Dallas, Texas. The contractor is Mapp Construction of Baton Rouge, LA.
Pier Park is a much-anticipated 900,000 square-foot retail and entertainment complex located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily-traveled Highway 98. Target kicks off Phase I of Pier Park when it opens for business in October.
Simon Property Group, Inc., an S&P 500 company headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and
management of retail real estate, primarily regional malls, Premium Outlet® centers and community/lifestyle centers. The Company's current total market capitalization is approximately $42 billion. Through its subsidiary partnership, it currently owns or has an interest in 284 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests
in 52 European shopping centers in France, Italy, and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico. Additional Simon Property Group information is available at www.simon.com. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.
Southern Theatres, LLC currently owns and operates 123 screens in Louisiana, Mississippi, Texas, and North Carolina. In addition to Pier Park, upcoming projects include a Grand Theatre in Slidell, LA, New Iberia, LA, Lafayette, LA, and Greensboro, NC. Southern Theatres, LLC is responsible for the development and daily operations of these theatres and is backed by Veronis Suhler Stevenson (VSS), a New York and London based investment firm.
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