The Regal Movie Theatre in Harrisonburg will close permanently, according to a press release from the landlord of the building, Armada Hoffler Properties, INC. On Monday, the real estate development company said it had reclaimed two sites for redevelopment in Virginia, one being the Regal Theatre location in Harrisonburg near James Madison University, and another located in Town Center in Virginia Beach. The company said following the tenant’s default, they’ve decided to terminate the two leases with Regal Cinemas for each location. The existing 49,000 square foot building sits on nearly 10 acres currently used primarily for surface parking. Jacob Jones, who has visited the theater since he was a kid, said he’s had a lot of good memories in those seats. “This would be the place, my dad and I would come every Christmas and do our movie theater experience," Jones said. "We would later then go shop for mom.” Jones said he was sad to hear the news and is wondering where many will now see movies. “We will be redeveloping our focus and specialty on creative mixed-use development, and we envision a major multifamily component amongst other uses for this property,” Chelsea Forest, director of marketing, said in an email. Earlier this summer the movie theater reopened, showing some older movies that fans like Nick Pearl came to see just for the experience. “I saw Back To The Future, I saw the David Copperfield film, I was going to take advantage of them being back," Pearl said. "I was going to experience the movies because you know it has been a weird year and I didn’t want that taken away.” While Peal said he felt safe returning to the theater he was shocked to see just a few weeks later Regal would close down again. On Oct. 5, Regal Cinemas announced the closing of each location in the U.S. indefinitely due to a lack of big blockbuster movies scheduled to come out later this year. “Our advantage as a diversified, vertically-integrated, and development-focused firm is our ability to quickly respond to changing market conditions and identify opportunities in the face of adversity,” said Louis Haddad, President & CEO of Armada Hoffler Properties in the release. “We would have been pleased to see these two leases through to their contractual expirations. However, following Regal’s default and recent decision to indefinitely suspend all operations, we regained full control over two prime pieces of real estate, thereby accelerating our long-term goal of redevelopment. As we’ve discussed on previous earnings calls, our focus and specialty is on creative mixed-use development and we envision both sites to feature a major multifamily component amongst other uses. We look forward to unlocking the full potential of both properties and as a result, maximizing value for both their respective communities and our shareholders.” With the future of a movie theater in the friendly city up in the air, Pearl said now is the time to support smaller local theaters around the Valley. “We gotta stay safe and support the local chains now," Pearl said. "Make sure our theaters in Page, Zeus, Legacy Theater, all of them are still around to make sure we have that experience.” WHSV reached out to Regal Cinemas for a statement but has yet to hear back.
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October 28, 2020 at 03:35AM
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