Real Estate News | Vacation & Leisure Real Estate
Ultra-Lux Plaza Cinema Cafe 12 Theatres Open up in Downtown Orlando
By Michael Gerrity | June 5, 2009 2:24 PM ET
(News Source: CB Richard Ellis)
(ORLANDO, FL) -- The Orlando office of CB Richard Ellis (NYSE:CBG) announced the grand opening of The Plaza Cinema Café 12 in Downtown Orlando this past week. The theater opened with a private celebration and ribbon-cutting ceremony on Thursday evening on May 28 that was attended by Orlando Mayor Buddy Dyer, area business leaders and VIPs. The theater officially opened to the public on Friday, May 29.
This opening marks the culmination of a vision that began in 2004 with the demolition of the defunct Jaymont block at Church Street and Orange Avenue - the main and main intersection in Downtown Orlando.
Upon completion of construction, the project has been plagued with liens, lawsuits, bankruptcies and myriad of setbacks. In 2008, RP Realty Partners of Beverly Hills, CA purchased the retail portion of the Plaza and hired CB Richard Ellis to lease the second-floor theater and remaining first floor retail spaces.
Senior Associate Bobby Palta and First Vice President Wood Belcher secured the theater tenant in April and executed the lease in August. RP Realty Partners secured a loan package from the City of Orlando in January and construction started in February. Because of the complexities of this deal, Palta and Belcher were recognized by Orlando Business Journal as brokering one of 'The Best Real Estate Deals of 2008' within Central Florida.
The 57,000 square foot theater will be operated by the American Theater Corporation founded by proprietor Jim Duffy. This upscale state of the art cinema features digital surround sound on all 12 screens. The two largest screens are digital high definition projection systems capable of 3-D movies, a first for Central Florida.
There are over 1,100 leather rocker seats in a stadium configuration with 10-inch tables and ample legroom. Concessions range from traditional candy and popcorn to a full menu of pizza, sandwiches, and appetizers from cheese platters to caviar. Beer, wine and champagne will be served throughout the theater as well as in two wine bars.
"The response has been overwhelming. This is truly a first class theater located in the heart of Downtown Orlando - an entertainment destination for residents, workers and visitors from throughout Central Florida," says Palta. Prices range from $4.50 for matinees to $9.50 for evening show times and include validation for parking within The Plaza garage.