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GRUBB PROPERTIES ANNOUNCES MULTISCREEN CINEMA AGREEMENT ON ELIZABETH AVENUE CHARLOTTE, NC – May 10, 2007 - Grubb Properties, the local developer behind the Elizabeth Avenue revitalization and the emerging mixed-use neighborhood of Morrison in South Park, today announced an agreement with Movie Tavern Partners, LP to open a multiscreen cinema-and-restaurant that will solidify long-time plans to include an upscale cinema along Elizabeth Avenue.
Movie Tavern – a fast-growing sister company to the Starplex cinema portfolio – will offer first-run feature and art house films in a club setting that allows guests to enjoy full-service, chef-prepared Classic American dining plus beer, wine and mixed beverages during the movie. Plans include 6-8 screens and a stylish lounge and bar for relaxing and socializing before and after the film.
Grubb officials noted that Movie Tavern will anchor a new 70,000 square foot entertainment development directly across Elizabeth Avenue from Carpe Diem, Volare Ristorante, Loft 1523, and the company’s own corporate offices. The balance of the space – roughly 42,000 square feet – is being designed for a collection of boutiques along Elizabeth Avenue, two terrace level restaurants overlooking a central plaza, and a 15,000 square foot club space at the prominent corner facing Uptown. The club will feature several indoor levels and multiple outdoor / rooftop terraces. Six hundred deck parking spaces will be included to serve guests of the cinema, shops, restaurants and club.
“We’re looking forward to having Movie Tavern on Elizabeth Avenue,” Jonathan Nance, director of commercial leasing, said. “A cinema has always been part of our vision, and Movie Tavern will join the collection of superb restaurants already here – plus the live music venues on Elizabeth Avenue and around the corner – in bringing a constant energy and liveliness to the street.”
Final design and construction plans have not been completed, but Grubb Properties anticipates a late 2008 / early 2009 opening.
For more information about Movie Tavern, please visit www.MovieTavern.com.
The new cinema-anchored block expands Grubb’s current development focus along Elizabeth Avenue substantially. Planning is also underway for a luxury residential high-rise and 130,000 square feet of upscale grocery anchored space fronting Elizabeth Avenue, Hawthorne Avenue and 4th Street.
According to Nance, the company’s long-time lease agreement with Whole Foods Market is currently on hold.
“We respect Whole Foods immensely and would still love to have them on Elizabeth Avenue, “ Nance said, “but the economics of the deal – especially when they factored in a planned second store in nearby South Park – just weren’t working out. Whole Foods was also disappointed, as were we, in the recent delays to the planned streetcar line connecting Uptown with Central Avenue.”
“It’s possible we may yet move forward with Whole Foods, but the good news is that we now have a premier site, architectural design and zoning all in place for an upscale grocer interested in serving Elizabeth, Eastover, Myers Park and Mid-Town.”
Separately, Grubb is also dusting off original plans for the residential tower that included a “W”-like boutique hotel plus concierge-level services for luxury condominium buyers. The hotel component had been dropped in design discussions with Whole Foods, but the company has long envisioned an upscale hotel for the project and believes there are both interested partners and strong demand for a combined hotel/condominium high-rise.
“It’s a proven and exciting concept in other markets and a perfect fit for a dynamic Elizabeth Avenue,” said Brannon Gilliam, Grubb’s director of residential sales. “This is becoming a must-see Charlotte destination for business travelers, and a boutique hotel’s amenities and services will beautifully complement the lifestyle needs of our discriminating condominium residents.”
About Grubb Properties
Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has over 100 employees and oversees a management and/or leasing portfolio of roughly 2,000 apartment homes and one million square feet of office and retail space. The company is headquartered in Charlotte and maintains offices in Cary and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com. Posted: May 12, 2007 - Press Release | More News |