Kimco Brings Cinépolis USA to Kentlands Market Square
July 19 2017 - 9:01AM
Business Wire
The arrival of this luxury cinema kicks off a
full-scale redevelopment of the Maryland open-air shopping
center
Kimco Realty Corp. (NYSE: KIM) announced that it has signed a
lease with Cinépolis USA, a leading world-class cinema exhibitor,
to bring their Luxury Cinema concept to Kentlands Market Square in
Gaithersburg, Maryland. This announcement marks the first stage in
a comprehensive redevelopment of the 250,000-square-foot center
which will result in a walkable, mixed-use destination with a wide
array of shopping, dining and entertainment options.
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Cinépolis Luxury Cinema at Kentlands
Market Square will feature fully-reclining leather seats, shown
here at the brand's Rancho Santa Margarita location.
“With Cinépolis USA, we’re bringing the very best in
entertainment to the residents of Gaithersburg,” said Tom Simmons,
President of Kimco’s Mid-Atlantic Region. “We consider this the
first step in transforming Kentlands Market Square into the vibrant
town center that it was always intended to be.”
Kentlands Market Square is a Whole Foods-anchored, open-air
center in an affluent master-planned community in a northwest
suburb of Washington D.C. Kimco acquired the center in 2016 in
large part because of the asset’s prime redevelopment potential.
The company’s planned multi-year project will include renovated
facades, improved pedestrian access and signage, as well as
upgraded lighting and landscaping, in addition to increased
density. The project’s focal point will be the revitalization of
Market Street, the center’s “main street,” including the creation
of a new “paseo” lined with cafes, boutiques and service
offerings.
“The redevelopment of Kentlands Market Square is a prime example
of how retail will evolve to meet changing consumer needs,” said
David Jamieson, Executive Vice President and Chief Operating
Officer of Kimco Realty. “By bringing in a unique operator like
Cinépolis USA, we’re elevating the experience at Kentlands and
providing residents with much more than just a shopping trip. The
addition of entertainment, dining and service offerings, along with
top-performing retailers, is key to our redevelopment strategy and
the execution of our 2020 Vision.”
Cinépolis Luxury Cinemas-Gaithersburg, anticipated to open in
2019, marks Cinépolis USA’s debut into Maryland and adds to the
brand’s existing list of 16 movie houses in the U.S., six of which
are Luxury Cinemas. The approximately 34,000-square-foot movie
theater will hold 540 seats, and offer guests an exciting new
movie-going experience with its fully-reclining leather seat
auditoriums, cutting-edge sound and high-definition projection
technology, an upscale lounge-style lobby space, gourmet meals and
a curated selection of beer, wine and liquor, as well as its
in-theater waiter service.
“Teaming with Kimco to be an entertainment anchor in Kentlands
Market Square is a tremendous opportunity,” said Neil Baron, Vice
President of Real Estate, Cinépolis USA. “The breadth of this
project, coupled with the company’s exceptional background, marks
an exciting move for the area of which we are thrilled to be a
part. The redevelopment’s emphasis on building community and
offering a wide series of elevated experiences are brand pillars
for Cinépolis USA. We look forward to introducing an unforgettable
luxury experience to new film aficionados in the area.”
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is one of North
America’s largest publicly traded owners and operators of open-air
shopping centers. As of June 30, 2017, the company owned interests
in 510 U.S. shopping centers comprising 84 million square feet of
leasable space across 32 states and Puerto Rico. Publicly traded on
the NYSE since 1991, and included in the S&P 500 Index, the
company has specialized in shopping center acquisitions,
development and management for more than 50 years. For further
information, please visit www.kimcorealty.com, the company’s blog
at blog.kimcorealty.com, or follow Kimco on Twitter at
www.twitter.com/kimcorealty.
About Cinépolis USA
Cinépolis USA is a leading world-class cinema exhibitor that
offers guests enhanced movie-going experiences through its
“Cinépolis Luxury Cinemas” and “Cinépolis” theater concepts, and
newly debuted 4DX and kid-approved Cinépolis Junior auditoriums.
The Dallas-based theater chain opened its first theater in Del Mar,
CA in July 2011 and has some of the top performing theaters in the
country, currently operating a total of 16 theaters with a presence
in Southern California, Florida, New York, New Jersey and
Connecticut. Additional theaters across the U.S. are planned to
open in the next few years. Its México-based parent company,
Cinépolis, is the fourth largest movie theater exhibitor in the
world. For more information about Cinépolis USA, please visit
www.cinepolisusa.com, or follow on Facebook at
www.facebook.com/CinepolisUSA, Instagram at @CinepolisUSA or
Twitter at www.twitter.com/CinepolisUSA.
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version on businesswire.com: http://www.businesswire.com/news/home/20170719005188/en/
Kimco Realty Corp.Jennifer Maisch, 516-869-7224Director,
Corporate Communicationsjmaisch@kimcorealty.com
Kimco Realty (NYSE:KIM)
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