Maryland-based Flagship Cinemas, a movie theater operator, has signed a long-term lease for the Water Tower Cinema in Lansdale, writes Paul Schwedelson for the Philadelphia Business Journal.
Flagship will take over from real estate firm The Goldenberg Group as the movie theater’s operator. The 33,000-square-foot property is owned by Blue Bell-based Goldenberg.
The six-acre property has been marketed both for lease and as a redevelopment opportunity. With the new ten-year lease, the movie theater will remain.
The ten-screen movie theater sits in Water Tower Square, a 269,000-square-foot shopping center anchored by tenants such as Home Depot and Planet Fitness.
The new operator will take over on October 1 and will retain the existing staff.
“We’re very fortunate that we’re taking the facility over as a turnkey operation,” said Flagship Cinemas President Paul Wenger.
He noted that the theater will stay open during renovations, which will be in four stages over 18 months. The first phase will renovate the exterior, lobby, gallery areas, snack bar, and the largest auditorium, with upgrades including heated recliners and self-serve popcorn. The next three phases will each feature upgrades to one of the remaining auditoriums.
Read more about the Water Tower Cinema in the Philadelphia Business Journal.
