City Acquires Land for 10-Screen Theater

Three down, one to go.

Putting it slightly ahead of schedule, the Ventura Redevelopment Agency has reached agreements with property owners for acquisition of three out of four buildings on the 500 block of Main Street--the future site of a 10-screen multiplex theater. The Bank of America building on the corner of Main and California streets is not included. The final deals should be closed by the end of the month, according to Pat Richardson, project manager for the Downtown Movie Theater Project.

Only the building holding the sprawling SavMor Thrift Store--owned by the Ventura Assistance League--remains.

“We are still negotiating,” Richardson said.

California redevelopment law requires the city to pay fair market value for property and relocate any businesses in the buildings. Richardson said the city paid 5% to 10% more than the building’s appraised values.

The city will pay $979,775 for the pink County Stationer’s building, $643,000 for the building housing Paddy McDermott’s and Crafter’s Showcase, and $258,500 for the now-vacant building formerly occupied by Cosmo’s Cotillion.

So far, Richardson said, Paddy McDermott’s will relocate to the brick building on the corner of Ventura Avenue and Main Street, previously occupied by Two West. Cosmo’s Cotillion has moved to the Buenaventura Mall. Negotiations continue with the remaining businesses.

Once all four sites have been acquired and the businesses relocated--probably by July--bulldozers and wrecking balls will begin razing the site. Demolition and preparation for construction should take about 60 days.

Construction on the Art-Deco theater is scheduled to begin in August, and the first reels should start to roll in May 1998.