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Aging Long Beach Movie Theater May Be Turned into Housing

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Developer Rick Caruso may say he doesn't know what to do with the aging Glendale Marketplace, but down in Long Beach, a developer has no problem converting a movie theater into housing. Pacific Court-Pine Square Partners, wants to transform the apparently unloved AMC Pine Square 16 Theatres into 68 homes. The Press Telegram reports the city has entered into an agreement to explore the deal, which would transform the once-popular theater, built in 1992. Given that there's already housing in the complex, and that retail isn't ideal for the space, "the city and developer are trying to come up with something different for the site." "We looked at the theater space, trying to maintain that commercial component," [Redevelopment Project Officer Carl] Morgan said. "We looked at a fitness center and a number of different things, but to date we've just been unable in finding someone that would occupy that kind of difficult space." Converting it into residential units seemed to be Pacific Court-Pine Square Partners' best option, city officials said." Complicating the issue is the parking situation: Because of a city deal over the theater parking, if the developer wants to make the subterranean garage private, "it's going to have to repay the bond on it, valued at about $10 million, said Morgan," according to the paper.
· Developers to negotiate converting downtown movie theaters into housing [Press Telegram]