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|Home: BigScreen Journal - Dallas, TX: AMC Will Not Renew Lease on The Grand 24, Expires November 30, 2010|
The AMC The Grand 24 in Dallas, Texas was the first "megaplex" in the United States when it opened in 1995, but after November 30, 2010, AMC says that it will not renew its lease on the theater, leaving its future uncertain.
According to the press release issued by AMC Entertainment, the theater was the first megaplex - "a theater with 14 screens or more and stadium seating" - when it was opened in 1995. AMC was not able to agree on lease terms with the property owner, EPT Down REIT II, Inc.
"It's disappointing that we have not come to terms on a historical, and to us, a somewhat sentimental property," said Gerry Lopez, AMC's chief executive officer and president. "But in our opinion, the proposal advanced by EPT is simply untenable. We continue to negotiate with EPT on several other properties and will see where those discussions take us."
"Throughout the past 15 years at AMC The Grand 24, we made history and developed many friends in the community" said Mark McDonald, AMC's executive vice president of global development. "We will miss them."
AMC says it will vacate the premises and remove its equipment prior to November 30, 2010.
Source: AMC Entertainment Press Release
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