No takers for old McCandless movie theater
The sales price has been slashed again for a 35-year-old movie theater in a McCandless shopping center where Wal-Mart wants to build a supercenter.
The Pittsburgh North 11 at 9700 McKnight Road is for sale for $4 million, according to the website of real estate firm Langholz Wilson Ellis, which is listing the property. The location — formerly called Rave Pittsburgh North after it was Showcase Cinemas North — is about 1.5 miles away from a theater complex under construction.
Plano, Texas-based Cinemark Holdings Inc. had the building and 33.85-acre property listed for sale in July at a reduced prize of $5 million with real estate firm CB Richard Ellis. In 2011, it was priced at $9 million with CB Richard Ellis.
The McKnight Road theater is in a flood plain, so development there would have to reflect updated flood-plain standards, said Bruce Betty, McCandless' land-use administrator.
“I think anybody that looks at it is going to be concerned about that. ... No matter what, they still have to deal with the flood plain issues,” he said.
Cinemark bought the Rave chain of theaters in 2013 for $240 million. A new 12-screen Cinemark theater with stadium seating is near completion and slated to open by mid-September in the nearby McCandless Crossing development, said Robert McGurk of Selma, N.C.-based AdVenture Development LLC, which is developing McCandless Crossing.
Cinemark has said the McCandless Crossing theater will open Sept. 19, but no information was available about the Pittsburgh North 11. Langholz Wilson Ellis representatives couldn't be reached for comment.
On July 28, McCandless Council approved Bentonville, Ark.-based Wal-Mart Stores Inc.'s subdivision and land development plans to build a 150,000-square-foot supercenter in the shopping center where the Pittsburgh North 11 theater is located, but opponents have pledged to challenge the approvals in the Allegheny County Court of Common Pleas.
The theater is not part of Wal-Mart's plans, the company has said.
Tory N. Parrish is a staff writer for Trib Total Media.