US Capital Holdings is partnering with Muvico Entertainment, a chain of mega-plex theaters, to develop a 14-screen theater as part of 321 North, a $1 billion redevelopment of the former Fashion Mall property in Plantation, Fla.
The theater will occupy a 70,000 sq. ft. space that Muvico is leasing for an initial term of 20 years. It is scheduled to open in October 2010.
The community includes a vacant 650,000 sq. ft. enclosed retail mall, which will be demolished and reconstructed. The new retail element will include open-air space and restaurants.
Also in the community is a 138,000 sq. ft. office pavilion, and a Sheraton Suites hotel, which has already undergone a $15 million renovation.
Wei Chen, CEO of private equity lender US Capital Holdings, says, “A top-flight entertainment company such as Muvico is the perfect fit for 321 North. It offers the community family entertainment in an exciting setting that melds arts, culture and shopping with working and living.”
Michael Whalen Jr., president and CEO of Muvico, notes, “In addition to showing movies in a state-of-the-art setting, Muvico brings a total entertainment experience to our guests.”
The Muvico theater will have 3,300 seats with as many as six galleries. There will be a stage for live events, including local plays and concerts. All the screens will have Sony 4k digital projection and 3D capabilities.
Six of Muvico’s theaters are in South Florida. The theaters provide amenities such as a bar, restaurant and child care facilities, in addition to reserved seating and valet parking. The new theater will also have a gaming lounge.
321 North has been accepted into the LEED for neighborhood development pilot program by the U.S. Green Building Council and the Congress for the New Urbanism and Natural Resources Defense Council, according to US Capital Holdings.
The program will evaluate developments and establish a uniform rating system for similar communities. It will recognize projects that incorporate smart growth, new urbanism and green principles.