The owner of the Harrisonburg Regal property announced Monday plans to redevelop the site for “a major multifamily component” as well as restaurants and retail.
The owner of the Harrisonburg Regal movie theater property, Armada Hoffler Properties, announced Monday it terminated the lease with the cinema chain.
“Following the tenant’s default, the company terminated its two leases with Regal Cinemas for the freestanding locations in Virginia Beach and Harrisonburg, the only cinema leases in Armada Hoffler Properties’ portfolio,” the release from Armada Hoffler Properties stated.
The Harrisonburg Regal property is 9.5 acres and valued at $9,358,900 — over $3.7 million for the land alone, according to Harrisonburg city documents. The cinema was built in 1999, also according to city documents.
“We would have been pleased to see these two leases through to their contractual expirations,” said Louis Haddad, president and CEO of Armada Hoffler Properties, in the release. “However, following Regal’s default and recent decision to indefinitely suspend all operations, we regained full control over two prime pieces of real estate, thereby accelerating our long-term goal of redevelopment.”
Chelsea Forrest, director of marketing, said she could not share specific plans about the redevelopment Tuesday as the process is still in its early stages.
“We will intend to work very closely with the city to discover and develop what will work best, but multifamily [development] is one our strategic trajectories as a company,” Forrest said.
On Oct. 8, Regal announced on its website the chain would again close locations until further notice due to the COVID-19 pandemic. Locations had reopened for a short period of time after initially being shuttered at the beginning of the pandemic.
The city could not comment since staff could not provide any other information about the redevelopment nor have staff had conversations about the project, according to an email from Michael Parks, the city spokesman, Tuesday.