Investors consider building first downtown movie theater in decades

Detroit area developers have a plan to convert a city parking lot near the arena into a new movie theatre. While local theater companies balk at the prospects the out of town developers see success on the horizon.

According to excerpts from the story:

The developers, Farmington Hills-based Gershenson Realty & Investment and Troy-based Kirco, think a growing downtown population, students and the draw of other central-city attractions will make for a unique and successful offering.

Gershenson’s family has a long track record of suburban retail development. It’s that track record giving Mayor George Heartwell and Downtown Development Authority Chairwoman Kayem Dunn confidence.

“You’re talking about a national developer here who’s got the kind of financial strength to make a project work, who’s got the staying power to stick with it if it doesn’t succeed immediately,” Heartwell said.

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