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|Home: BigScreen Journal - Frankfort, IL: Marcus Theatres Announces Plans for New Theater|
The Marcus Theatres Corporation has announced that it plans to build a new movie theater in Frankfort, Illinois, which is a southwestern suburb of Chicago. The theater will be part of a mixed-use center that is being developed near the intersection of Lincoln Highway and La Grange Road.
The theater is in its very early stages of discussion, but Bruce J. Olson, president of Marcus Theatres, said that "we anticipate that the new location could open as early as summer of fall of 2009."
Such construction projects can take quite some time to get from announcement to construction to grand opening. The Marcus Cinema Green Bay East in Green Bay, Wisconsin was first announced in August 2004, but construction did not begin until May 2006, and the theater did not open until the following November. A theater that they announced for East Troy, Wisconsin back in December 2004 never got past the planning stages.
Marcus already operates two theaters within 10 miles of Frankfort; in Chicago Heights and Orland Park, with six other theaters operated by a variety of owners within a 15 mile radius of the planned theater.
MILWAUKEE--(BUSINESS WIRE)--Feb. 26, 2008--Marcus Theatres Corporation, a division of The Marcus Corporation (NYSE: MCS), today announced that it has signed a letter of intent to build a new theatre as part of a mixed-use center in Frankfort, Ill., a growing suburban community about 35 miles southwest of Chicago. The center, being developed by HSA Commercial, Inc., a Chicago-area real estate developer, is located near the intersection of Lincoln Hwy. (Route 30) and LaGrange Rd. The center will also feature upscale specialty retailers, other entertainment venues, restaurants and office space, and will accommodate potential future theatre expansion.
"Marcus Theatres(R) is pleased to announce that it plans to build an entirely new state-of-the-art theatre as part of this exciting mixed-use center. The mix of retail and entertainment is ideal for attracting audiences to our theatre," said Bruce J. Olson, president of Marcus Theatres. "Due diligence and planning will begin shortly following meetings and consultation with the city. We anticipate that the new location could open as early as summer of fall of 2009."
"We are in the preliminary planning stages for the new theatre and will announce the number of screens, design elements and amenities when all of the details are finalized. We look forward to offering the latest in technology and amenities to area movie-goers within a completely new theatre concept. The theatre will draw upon our experience in integrating food and beverage service into our existing theatres, as well as creating an entertainment destination that will attract people from throughout the area," Olson said.
Marcus Theatres(R), a division of The Marcus Corporation (NYSE:MCS), is the seventh largest theatre circuit in the United States and currently owns or operates 595 screens at 49 locations in Wisconsin, Illinois, Minnesota, Ohio, North Dakota and Iowa, and one family entertainment center in Wisconsin.
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries. In addition to its Marcus Theatres division, the company's lodging division, Marcus Hotels and Resorts, owns or manages 20 hotels, resorts and other properties in 10 states, with two additional properties under development. For more information, visit the company's web site at www.marcuscorp.com
Celebrating 27 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. Along with developing all kinds of commercial real estate across the United States, its brokerage divisions have completed more than 7,500 transactions in 43 states representing both owners and tenants, the asset management division currently manages a property portfolio in excess of 15 million square feet in 12 states and the firm presently owns over 17 million square feet of commercial property in 14 states.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States' responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: The Marcus Corporation
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