Thursday, April 24 2014 3:47 PM EDT2014-04-24 19:47:30 GMT
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of the most desirable retail locations has sat unused for years. A new owner
has come to the Shops at Franklin Place on Monroe Street.
old movie theater has been vacant for years, but Wednesday afternoon, the
Whitehouse-based company Devonshire Reit purchased the land it sits on for
$8.55 million from National Amusements.
remember when this was a drive-in movie theater. We used to sneak into the back
and watch movies for a little bit," said Doug Dymarkowski, vice president of
Dymarkowski is seeking permits to have the old building demolished. He plans to
put up 65,000 square feet of new retail space, and is negotiating with national
retailers for large and medium-sized box stores.
company isn't releasing store names yet, but they sought some expert advice.
also talked with our wives, who do a lot of shopping in the community,"
Dymarkowski said. "They told us what they would like to see here, so I think we're
going to have some great tenants for this property."
resident Amy Black shops at the Target store in the Franklin Place plaza. She
says she's ready for the old theater building to go.
can always use more business, and it has been vacant for as long as I can
remember, so it would be nice to see it being used for something and add some
more jobs around here," Black said.
new owners will keep Target as the anchor of the plaza, and say they want to
reach long-term leases with the businesses that are already there.
is going to be our crowned jewel," Dymarkowski said. "We're excited that we get
to use local contractors, local banks, local title companies."
will be up to eight months before new stores are up and running at the plaza.