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This topic comprises 7 pages: 1 2 3 4 5 6 7
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Topic: Century 21-22-23 (San Jose, CA) lease ending in 2012???
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Sean Weitzel
Jedi Master Film Handler
Posts: 619
From: Vacaville, CA (1790 miles west of Rockwall)
Registered: Dec 1999
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posted 04-25-2013 01:02 AM
Latest update: On the heels of all of the interest with the Syufy dome in Pleasant Hill, CA comes this article today hypothesizing what I wrote about over a year ago:
http://www.mercurynews.com/real-estate/ci_23100098/
Shopping mall, offices and homes could rise at Century theaters site in San Jose
By George Avalos
Oakland Tribune
Posted: 04/24/2013 05:06:59 PM PDT
Updated: 04/24/2013 07:39:09 PM PDT
SAN JOSE -- A big new shopping center, office towers and residences could replace several of the Century movie theaters near the Winchester Mystery House in San Jose under a plan to lease the property, realty agents said Wednesday.
The site being eyed for redevelopment includes the Century theaters on Winchester Boulevard near Interstate 280. The theaters' domes are a familiar sight in the area, and the theatres have over the decades played many blockbuster films.
A group of San Jose families has hired realty brokerage Cassidy Turley and its retail unit Terranomics to market the 11.6-acre site on Winchester Boulevard between Olin Avenue and Interstate 280, across the street from Santana Row.
"There is
The Century Theaters' domes off Winchester Boulevard are a familiar sight in the area, and the theaters have over the decades played many blockbuster films. (Mercury News archives) ( lg francis )
very good interest in this site," said Todd Oliver, a partner with Terranomics Retail Services.
Potentially 500,000 square feet of retail or offices, or both, could be built at the site.
"You could build a large shopping center or have one or more office towers at the location," said Greg Davies, a partner with Cassidy Turley.
It also is possible that new homes could emerge on the property.
"The city has designated this in its general plan as an urban village," Davies said. "By definition, that could include all three uses -- retail, office and residential."
The owners, operating under the name Winchester Investments, intend to lease the land beneath the theaters to the future owner. To make way for the potential
offices, shops and homes, the owners would then probably bulldoze the theaters.
"This has been a site for movie theaters for almost 50 years," Davies said.
The lease on the theaters is about to expire, so the owners decided to attempt a ground lease of the property to redevelop the site, sources said.
Retail development has been rebounding in Silicon Valley as the economy has improved over the past year or two.
Plus, large and small tech companies have gobbled up considerable stretches of office space in Mountain View, Cupertino, Sunnyvale, Palo Alto and Santa Clara, and now the leasing surge has spilled into North San Jose.
Across the street from the Century theatres, Santana Row has enjoyed brisk retail leasing. Earlier this year, popular retailer H&M expanded its space at Santana Row, taking over a former Borders Bookstore site. Smaller retailers have also been opening shops at the retail complex.
Then in March, the principal owners of Santana Row, Federal Realty, revealed plans to build three office complexes and more retail on the site. The offices would total 700,000 square feet and be able to accommodate about 3,000 workers if completely filled.
The brokers for the property believe
the Century theaters parcel could be similarly successful.
"We believe this is the best remaining infill site in the West San Jose area," Davies said.
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Monte L Fullmer
Film God
Posts: 8367
From: Nampa, Idaho, USA
Registered: Nov 2004
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posted 05-02-2013 12:42 AM
Yep, can't live in the romantic world forever and seeing things through rose colored glasses.
To operate these three big houses back in those days were pennies compared to where it's now mega dollars to operate and with lesser crowds. Somethings gotta happen, eventually.
Same fate happened last year when the Cinedome 70 twin got yanked down in Riverdale, Utah: opened in 1969 and played the huge movies there and crowds galore. When it shut down, it was barely drawing anybody, for the crowds all went to the megaplexes and similar.
Century had a similar complex in SLC on State and 33rd, but just a twin dome which each dome got split where it was a 5 screen complex.
Yet, Century kept the property, yanked down the domes and built a 16plex on the location. Now, it's Cinemark 16 due to the buyout of Century by Cinemark.
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