Is Lincoln Road’s 18-screen Regal Cinema in danger of being shut down?
It is a possibility, according to a memo from Miami Beach commissioner Kristen Rosen Gonzalez:
Please place on the November 9, 2016 Commission Meeting agenda, a discussion item regarding the rumored sale and redevelopment of the Regal South Beach Stadium 18 & IMAX at 1120 Lincoln Rd. This potential loss, if substantiated, would be a detrimental loss to Lincoln Road.
Records show that Regal has a lease for 78,744 square feet of theater space which expires on June 30, 2019. It isn’t clear if Regal has an extension option.
At current rents, the property is almost certainly worth more as retail than as theater. Developers including Crescent Heights are proposing several new retail projects on Alton Road surrounding the center, which could further increase the pull of the area.
The theater is part if the 127,000-square-foot Lincoln Center, owned by New York-based REIT Vornado. The property also includes ground-floor retail, along with a 298-space parking garage. It last sold for $132 million in 2012.