WORLD PROPERTY CHANNEL ®

(ORLANDO, FL) -- After eight years of dreams and plans, Downtown Orlando is finally about to welcome its first 12-screen, 57,000-square-foot movie theater. The project is at Orange Avenue and Church Street in the heart of the city's major business, financial and entertainment district.

After a four-year delay, construction is scheduled to resume immediately with a tentative opening July 1, 2009, according to the Orlando office of CB Richard Ellis.

Bobby Palta

CBRE brokers Bobby Palta and Wood Belcher handled the 15-year, multi-million-dollar lease with Atlanta-based American Theater Corp. The lease was actually signed in September but contained several contingencies, including the City Council vote of Dec. 15. Palta says the council voted to approve two funding contracts providing loans of $6 million to The Plaza owners. However, funding is contingent on the developer, RP Realty Partners aid through special tax assessments on the properties.

Belcher says "It was a very complex (deal), given the problems with the previous developer and current economic climate."

Construction started on The Plaza in 2004 with a theater opening planned for 2006 under a management agreement only, says Belcher. "However, several financial obstacles with the former owner impeded the entire project."

Wood Belcher

RP Realty Partners purchased the retail portion of The Plaza from the developer, as well as the parking garage from its lender in a foreclosure sale in 2007 and 2008.

RP retained CBRE in April 2008 to lease the remaining retail space in The Plaza, including the partially completed second-floor movie theater space.

Palta calls the closed deal "a remarkable transaction...of major economic importance to our clients, RB Realty Partners."