Regal Entertainment Group & Delancey Street Associates Announce New Cinema Construction Coming to New York City
Regal Cinemas to Open the First New Theatre in Manhattan since 2001
KNOXVILLE, Tenn., Dec. 8, 2014 /PRNewswire/ -- Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States and Delancey Street Associates, today announce the construction of a new Regal Cinemas to be built in Manhattan. The new Regal will be an anchor tenant of the Market Line in the heart of Manhattan's Lower East side.
Located at the corner of Delancey and Essex Streets, Regal will be the largest movie theater in Lower Manhattan and situated south of Regal's already existing cinemas at Union Square. The new 14-screen venue will have state-of-the-art amenities including luxurious electric recliners in every auditorium. Theatre construction is expected to start in the spring of 2015.
"We're thrilled to introduce Regal Entertainment Group as the Market Line's first tenant," said Rohan Mehra, principal of The Prusik Group, the firm responsible for the retail portions of the project. "We made a commitment to provide this community with a movie theatre and are proud to be fulfilling that commitment with the nation's pre-eminent theatre operator."
"It's been more than a decade since a new theatre has been built in Manhattan and Regal jumped at the chance to partner with the developers of the Market Line," stated Greg Dunn, President and COO at Regal Entertainment Group. "Located in the heart of the Lower East Side, the Market Line is going to be an incredible addition to this quintessential New York City neighborhood and we are excited to be a part of it."
The Market Line is part of an unprecedented development that will include 1,000 residential units and 850,000 square feet of commercial space on the Lower East Side. The project includes an expansive new home for the Essex Street Market, an annex of the Andy Warhol Museum, and 120,000 square feet of micro-retail ideally suited to the diverse retailers and restaurants that have made the Lower East Side famous. The 6-acre project site, previously known as the Seward Park Urban Renewal Area (SPURA) has sat mostly vacant since 1967. It is being developed by Delancey Street Associates, which includes BFC Partners, L + M Development Partners, and Taconic Investment Partners.
In addition to an array of restaurant, retail, entertainment and office tenants, half of the residential units will be reserved for low, moderate, and middle-income residents. During the SPURA planning process, the local community identified a movie theatre as a top neighborhood priority.
Regal Entertainment Group already operates three successful theatre locations in Manhattan: Regal Union Square 14, Regal E-Walk 13 and Regal Battery Park 11. The new Regal Cinemas will include amenities such as:
- Recliners for every guest to provide more room, comfort and true luxury.
- Each recliner has an electric control for multiple positions and features padded footrests.
- Digital projection in every auditorium to provide a crystal-clear picture.
- Real D 3D projection systems available for 3D enhanced presentations.
- Stadium seating provides each moviegoer a clear view of the screen.
- Guest service desk provides extra assistance in the spacious lobby.
- Regal Express kiosks offer customers fully-automated ticket purchasing.
- Mobile tickets sent directly to any smart phone with the Regal App.
- Industry-leading Regal Crown Club loyalty program rewards frequent moviegoers.
About Delancey Street Associates:
Delancey Street Associates is a tri-venture of BFC Partners, Taconic Investment Partners and L+M Development Partners. DSA was designated in September of 2013 by The City of New York to develop the Seward Park Urban Renewal Area a six-acre mixed use development site in the heart of Manhattan's Lower East Side.
About Regal Entertainment Group:
Regal Entertainment Group (NYSE: RGC) operates the largest and most geographically diverse theatre circuit in the United States, consisting of 7,366 screens in 574 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of November 27, 2014. The Company operates theatres in 46 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
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SOURCE Regal Entertainment Group
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