Another Project Stalled by Troubles at Theater Chains.IT seems like they just keep dropping. Another project that had counted on a movie-theater anchor has been sidelined by the shakeout Shakeout A situation in which many investors exit their positions, often at a loss, because of uncertainty or recent bad news circulating around a particular security or industry. Notes: During the dotcom boom and bust, numerous shakeouts occurred. in the theater circuit industry. The future of Culver City's $41 million Screenland project, also known as the Town Plaza project, is up in the air. AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment Inc., which was to anchor the entertainment complex with a 3,000-seat, stadium-style theater complex, informed developer OliverMcMillan on Nov. 7 that it does not want to go forward with the project, city officials said. "AMC has backed off and they've indicated they're not doing any new projects," said Mark Wardlaw, deputy director of community development for the city's redevelopment agency. "And there you go." The city and OliverMcMillan may be forced to do what Developers Diversified Realty Inc. did with the Queensway Bay project in Long Beach -- go with a phased development instead, city officials said. Another option would be to wait until theater-circuit companies such as AMC are back into expansion mode again, Wardlaw said. Yet another option that has been floated is to substitute residential units in place of the theater, an approach being pursued for at least one other L.A. retail project that had once sought a theater anchor. But Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. officials shied shied 1 v. Past tense and past participle of shy1. shied Verb the past of shy1 or shy2 away last week from giving odds on any particular tack, noting that the decision rests in the hands of city policymakers in the coming weeks. The $41 million project Was to include 60,000 square feet of office space, 30,000 square feet of restaurant space, 10,000 square feet for a Trader Joe's Trader Joe's is a privately held chain of specialty grocery stores headquartered in Monrovia, California. As of September 2007, Trader Joe's has a total of 284 stores.[1] market, and a 12-to-14-screen theater with 3,000 seats. The city's redevelopment agency planned to invest $18 million to own and operate a 950-space parking structure on the site. A phased project would likely include the office components and Trader Joe's, Wardlaw said. The redevelopment project is a retail component in the city's decade-long effort to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. Culver City's downtown. The city and its redevelopment agency have invested millions in shaping the downtown area, including building two city-owned parking structures, aiding the renovation of the Culver Hotel, opening a new City Hall and upgrading the downtown streetscapes. The Culver City project has something else in common with Queensway Bay. The development started as a DDROliverMcMillan project, the same team originally brought on board to develop Long Beach's Queensway Bay shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into . Since the split between Developers Diversified Realty Inc. and San Diego-based OliverMcMillan, DDR (Double Data Rate) Refers to an SDRAM memory chip that increases performance by doubling the effective data rate of the frontside bus. For more details, see SDRAM. DDR - Double Data Rate Random Access Memory has continued in Long Beach while OilyerMcMillan is holding the reins in Culver City. |
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