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SARASOTA — Regal Cinemas has renewed its lease for the Hollywood 20 movie theater on Main Street in downtown Sarasota and committed to investing $3 million in renovations — the first signs of a long-term plan for the Main Plaza property under new ownership.
BBC Main Plaza, the ownership group comprised of Sarasota entrepreneurs Eric Baird, Jesse Biter and David Chessler, announced the long-term lease agreement with Regal Aug. 18. The group says the renovations to the theater property would include “state of the art technology, luxury reclining leather chairs and a modern bar and lounge area,” according to a story in the Sarasota Observer, sister paper of the Business Observer.
The improvements will reduce the number of screens at the theater from 20 to 11. Renovations could begin in early fall.
A press release suggests the theater improvements are the first step toward more changes at Main Plaza. The 8.5-acre property has more than 250,000 leasable square feet, and the owners say they plan to consider new tenants next. “With Regal committed to the location, we can now start responding to the many requests for space that we've received over the last 1.5 years,” Biter says in the release.
BBC Main Plaza acquired the property for $18.1 million in late 2015.
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