CIRI Land Development Co. (CLDC), CIRI’s wholly owned subsidiary, and partner Browman Development Co. signed an agreement with Regal Entertainment Group and began construction during the last two weeks on a new 16-screen movie theater complex at Tikahtnu Commons. The theater will include Alaska’s first IMAX screen and an enhanced food court.
“The new theater represents a major leap forward for Regal in this market,” said Greg Jones, CIRI vice president of real estate. “It will be a cutting-edge facility – we understand that they are using this theater as a prototype for new theaters nationwide.”
The 72,000-square-foot, approximately $20 million theater is being built on the southeast corner of Tikahtnu Commons. It is anticipated that the theater will act as a magnet for restaurants and other businesses interested in the retail and entertainment center.
“The theater is the anchor for the east side of the center,” said Jones. “It helps us deliver the entertainment aspect of the complex.”
CLDC and Browman will lease the theater facility to Regal. The theater is scheduled to open in June 2010. The 95-acre parcel of land at the corner of the Glenn Highway and North Muldoon Road in northeast Anchorage that Tikahtnu Commons is located on was acquired by CIRI in 1991 under the federal surplus property provisions of the Cook Inlet Land Exchange as part of its ANCSA settlement.
Tikahtnu Commons is a $100 million-plus regional retail and entertainment center expected to include 12 to 15 major retail stores and 60 to 75 restaurants, small shops and other entertainment and service businesses. Major retailers Target, Lowe’s, Best Buy, Kohl’s and Sports Authority have opened new stores at the center, and PetSmart has signed on to build a 30,000-square-foot pet hotel and spa to open in 2010. Site improvements on the east side of the center are currently underway.