A developer eyeing Middletown to build a 12-screen, state-of-the-art movie
theater has terminated its contract with the city, and won’t be opening the
cinema after all.
“There was a lack of tenant interest” from a movie theater operator or
restaurants for the site near the interstate, said Lamar Fields, a
representative of Texas-based Anthony Properties, the developer involved.
Anthony Properties was looking to buy city-owned land for the project, build
out the theater and retail space, and lease it to a movie theater chain and
other complementary businesses.
Fields did not give a reason for why dining and entertainment venues weren’t
attracted to Middletown.
“Hopefully as the economy perhaps begins to improve, that situation there
would improve along with it,” Fields said. “There’s not much to say. If you
cannot generate tenant interest, you cannot go forward.”
“I will say this, the city certainly did everything they could to help us,” he
said.
The change of course is not expected to seriously hurt development near the
highway intersection, where the theater was planned, city officials say.
Efforts are being made to further develop the area of Ohio 122 and Interstate
75, known as the Renaissance District, with more office, health and retail
businesses.
There have been wins and losses. http://www.daytondailynews.com/news/news/new-middletown-hotel-brings-jobs-revenue-to-city/nX5Qp/" rel="nofollow - Hampton
Inn opened in the same area in 2013. http://www.daytondailynews.com/news/business/developer-buying-43-acres-near-middletown-highway-/nZ5LN/" rel="nofollow - Investors
related to Lebanon developers Henkle Schueler & Associates bought land last
year with intentions of
attracting high-tech industrial and research and development clients, as well
as medical-related businesses.
But more recently, http://www.journal-news.com/news/news/local/closing-of-reyton-inn-seen-as-an-opportunity/nd4Hj/" rel="nofollow - Reyton
Inn closed . http://www.journal-news.com/news/business/residents-city-officials-react-to-target-closing-i/ncjf3/" rel="nofollow - Target
store is closing . http://www.journal-news.com/news/news/local/mall-owner-tenants-signing-at-turtle-speed/ndPd9/" rel="nofollow - The
new owners of Towne Mall Galleria west of the highway interchange have
struggled to land major retail tenants .
“While we had anticipated that the movie theater would help draw services such
as restaurants to the interchange, we don’t feel that its pullout will
seriously affect development,” said Denise Hamet, Middletown economic
development director, in an email. “We have new landowners moving forward to
market their sites, new homes being built in the area, and an interchange
enhancement project about to start that will add softscaping and hardscaping
to the interchange.”
http://www.journal-news.com/news/news/new-plans-for-a-movie-theater-in-middletown/nYRq3/" rel="nofollow -
Plans were to build the movie theater west of the interchange near Atrium
Medical Center and the Renaissance housing subdivision. In
July of last year, City Council approved a contract to sell 18 acres of
city-owned land east of I-75, east of Union Road and south of Ohio 122 for the
project. The buyer in the deal was Anthony Properties, which specializes in
building and leasing movie theater properties across the country. The land
sale price would have been approximately $1.5 million.
However, the contract included a due diligence period for further research
such as soil testing, traffic studies and marketing for what would have been a
$10 million to $12 million investment. Both parties — the city and Anthony
Properties — could have backed out of the contract by the end of the time
period allowed for vetting. Anthony Properties terminated the deal before the
end of 2013, Fields, representing the developer, said.
Since the movie theater development deal fell through, the city has contracted
with Cassidy Turley Commercial Real Estate Services to market the city-owned
land for office and small commercial development, Hamet said.