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Downtown Cultural Amenities: The Plaza Theatre

Downtown Cultural Amenities: The Plaza Theatre. Presented by: Thomas Chatmon, Jr., Executive Director COMMUNITY REDEVELOPMENT AGENCY (CRA) . COMMUNITY REDEVELOPMENT AGENCY Presented by: Thomas Chatmon, Jr. Executive Director. The Plaza Theatre: Project Rationale.

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Downtown Cultural Amenities: The Plaza Theatre

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  1. Downtown Cultural Amenities:The Plaza Theatre Presented by: Thomas Chatmon, Jr., Executive Director COMMUNITY REDEVELOPMENT AGENCY (CRA) COMMUNITY REDEVELOPMENT AGENCY Presented by: Thomas Chatmon, Jr. Executive Director

  2. The Plaza Theatre: Project Rationale

  3. The Plaza Theatre: Partners Theatre Owner The Plaza Theatre is owned by RP Realty Partners, a national real estate investment and management firm specializing in the redevelopment and repositioning of urban retail properties. Theatre Operator American Theatre Corporation (ATC) is exclusively focused on expanding the Village Grille, an upscale dinner theatre concept, nationwide including Downtown Orlando.

  4. The Plaza Theatre:Project Description Total of approximately 55,000 sq. ft. Completion of a 12-screen, 1200-seat multiplex cinema to include digital projectors with 3-D capabilities Unique, one of a kind collection of theatres offering upgraded features not currently available in the Orlando market Terraced seating with food and beverage service with expanded hot entrée menu

  5. The Plaza Theatre:Interior Lobby Rendering

  6. The Plaza Theatre:Contemporary Lounge Rendering

  7. The Plaza Theatre:Unique Features

  8. The Plaza Theatre:Agreement Structure

  9. The Plaza Theatre:Performance Benchmarks

  10. Performance Benchmarks City has established numerous performance benchmarks including: A provision that the Certificate of Occupancy (CO) for the theatre must be secured by July 1, 2009 Future home of the Orlando Film Festival 3-hour reduced parking with validation 1500 tickets for area schools and non-profit agencies Programming of foreign and independent films

  11. Conclusion The Plaza Theatre project would further Downtown Orlando’s growth by fulfilling key policy objectives. The agreement structure is fiscally sound with securities and protections for the City/CRA. The Plaza Theatre helps increase marketability of Downtown residential units and office space.

  12. Conclusion Theatres serve as anchor tenants to Downtowns that generate foot traffic for surrounding retailers. According to the International Council of Shopping Centers (ICSC), cinemas are generally considered excellent traffic builders and can strengthen a center as a destination as well as differentiate it from a variety of competitors. The Brookings Institution, a reputable urban think tank, notes that theatres benefit from Downtown locations and spark significant restaurant demand. The Plaza Theatre is projected to attract 500,000-600,000 patrons annually.

  13. The Plaza Theatre would strengthen Downtown Orlando’s identity as a premier and emerging urban destination. THE END

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