Construction Begins on $12M Regal Cinema at Winrock Town Center Redevelopment
- Sep 27, 2012
Construction on the Regal IMAX Cinema at Winrock Town Center has begun after nearly 18 month of delay. The 71,156-square-foot, 16-screen cinema is expected to open in the fall of 2013.
According to the New Mexico Business Weekly, the $12 million cinema is the first phase of the major Winrock Town Center’s redevelopment, which broke ground in May with the demolition of the Winrock Inn motel. This first phase also includes three new restaurants: BJ’s Restaurant and Brewhouse, Genghis Grill and Dave & Buster’s. The four businesses are expected to generate about 700 jobs.
Subsequent phases will build out the remainder of the site with numerous retail, entertainment, restaurant, office, residential, hospitality and community uses, according to an official presentation. The contractor of the Regal project is VCC, a major builder of cinemas and shopping centers.
On paper for over five years, the mixed-use development is projected to cost about $600 million, up from the original forecast of $400 million, according to Gary Goodman, developer of the new Winrock, as quoted by the Business Weekly. Goodman is self-financing the first phase of Winrock’s redevelopment, but seeking financing for future phases.
Built under a public/private partnership, the City and Winrock Partners officially entered into a Master Development Agreement in December 2008, which spelled out the specifications for developing the approved public infrastructure and the terms for financing the infrastructure through TIDD bonds. According to the Goodman Realty Group website, the city, county and state have allocated $137 million in TIDD bond financing for the development of public infrastructure within Winrock Town Center.
Photo rendering of Winrock Theatre and Plaza, courtesy of Goodman Realty Group
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