South Florida Sun-Sentinel (Sunday)
Uptown Boca complex popular without cinema
Uptown Boca, a massive
13-acre shopping plaza, has quickly transformed into one West Boca’s most popular destinations and has done so without one of its originally planned cornerstone projects: an upscale
53,000-square-foot movie theater.
But with the theater industry in flux, Uptown Boca has hit pause on the venture and is debating whether to move forward with a theater or go in a different direction with the largest building of the complex off Glades Road, just east of 441.
Construction on a Silverspot Cinema was originally scheduled to begin in early 2020, but the COVID-19 pandemic put those plans on hold. Since then, the theater industry nationwide has struggled to regain its prior footing due to crowds being hesitant to return and the increased popularity of streaming video platforms, casting doubt on the long-term feasibility of movie theaters.
“The pandemic really did a number on movie theaters,” said Brian Schmier, CEO of Schmier Property Group and the lead developer on the Uptown Boca project. “It’s a little unclear at this point [what will happen with the space.]”
Schmier said they’re still in discussions with Silverspot Cinema, but are also “exploring all options: theaters as well as other alternate uses.”
“From our position, we have this phenomenal project, and we want to put a tenant in that box that makes the most sense that can be successful long term, drive traffic and continue to provide amenities for the community and that’s why we picked a movie theater initially.”
After opening last year,
Uptown Boca has thrived as a hot spot for shoppers in West Boca. The complex comprises restaurants, bars, an outdoor store and 456 apartment units behind the shopping plaza.
Lazy Dog Restaurant & Bar, Bonefish Grill, Just Salad, BurgerFi, Chick-fil-A and Sloan’s Ice Cream are among the stores that have opened, one by one, at the
$200 million complex. On any given weekend night, the parking lot is full, with customers frequenting the many businesses there. An Amazon Fresh supermarket also could soon debut there.
The spacious building slotted for the movie theater is the last piece of the puzzle for Uptown Boca, which has 29 other businesses that have either opened or are slated to open soon.
“The overall project has been such a success so far in terms of restaurant and retail that it took the pressure off the fire drill of saying, ‘We’ve got to figure it out and get somebody open,’ ” Schmier said. “Ultimately we will, but it’s given us a little runway to figure out what’s best.”
Over the past two years, the movie theater industry has suffered a major blow due to the COVID-19 pandemic. From 2015-2019, movie theaters in the United States generated a yearly average of $11.3 billion in ticket sales, according to data from Box Office Mojo. In 2020, that figure cratered at $2.1 billion before rising to
$4.9 billion in 2021. Approximately 9% of theaters in the United States that were open pre-pandemic were closed as of Feb.
25, according to Business Insider.
Streaming platforms have added to the uncertainty around movie theaters.
Prior to 2020, streaming services were already becoming more prevalent and the pandemic only accelerated that trend, creating a challenge for movie theaters in trying in lure customers from watching movies in the comfort of their own homes.
In addition to streaming platforms, Uptown Boca’s theater also would compete against a Regal Shadowood theater just across the street. The plan with the Silverspot Cinema was to create a more upscale, luxurious theater that could bring a “unique experience” and something “different to the market,” Schmier said.
While Schmier says he loves movie theaters and admits he has a bias toward them, he acknowledges building a theater in the current state is an unsure bet, adding that the process of building out a theater is “one of the most expensive [things to build] in the retail world.”
Schmier said he’s hoping they’ll be able to make a decision on the project within the next few months.
“From our position, we have this phenomenal project and we want to put a tenant in that box that makes the most sense that can be successful long term, drive traffic and continue to provide amenities for the communities and that’s why we picked a movie theater initially.”