Tuesday, Jul. 14, 2009
New movie theater operator in for Atascadero's Colony Square development
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A Southern California movie theater company will lease the planned 10-screen complex at Atascadero’s Colony Square project instead of Paso Robles-based businessman Jim Roush.
The privately owned Galaxy Theatres has signed a letter of intent with developers Jim Harrison and Peter Hilf. Roush notified city officials last week that he was pulling out of the project.
The news came Tuesday as Atascadero City Council members prepared to finalize a pledge of $1.5 million in redevelopment money as a financial guarantee for the Colony Square Project -- considered to be the centerpiece of Atascadero's downtown revitalization strategy.
Frank Rimkus, CEO of Sherman Oaks-based Galaxy Theatres, said the company is ready to move forward immediately.
“There is no need to delay,” he said. “The changes we are going to make can be made on the fly.”
Harrison and Hilf secured an $8 million construction loan for the theater project last week. Mission Community Bank, Santa Lucia Bank and Community West Bank are providing the loan to build the project's first phase, a 10-screen movie theater and 14,000 square feet of adjacent retail stores. Galaxy is expected to invest between $2 million and $3 million.
The project is expected to be complete by next June.
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