Work on the building halted soon thereafter and left an empty shell. Omega Constellation Pie Pan 18k
Edinburg Mayor Richard Garcia said the city was never left holding the bag when it came to the project, but acknowledged the difficulty in attracting a buyer. He said so much time had passed the technology installed was outdated.
Patrons will be able to order micro brewed beers, premium wines, margaritas, and sodas and choose from an expanded food menu that includes fresh wraps, hot sandwiches, burgers and pizzas, alongside typical theater fare like popcorn, hot dogs and candy.
Cisneros declined to disclose the financial terms of the deal, but said summer is the opening target date because blockbusters are released during the season.
Johnny Cisneros, of Cadence Commercial Real Estate in McAllen, was the broker acting on behalf of B Y Properties.
On Saturday, the Omega Constellation Ladies On Wrist
The theater is scheduled to open this summer, the company said.
In November 2010, the building was sold to B Y Properties, which owns the Trenton Crossroads Plaza development where it is located.
He said the Edinburg EDC will reimburse on the development only when the project is finished, though he could not cite exact figures.
The Edinburg location will be one of two new six screen movie theaters from Cinemark as it breaks into its new concept called Cinemark Movie Bistro. Officials involved believe the shell will allow the theater to open more quickly than the other El Paso location, thereby making the city the home of the company's first ever dinner theater.
"We hope that they will be there when my grandkids are ready to see a movie," the father of two young children said of Cinemark.
Ramirez said it's projected that during five to seven years sales taxes from the theater alone will reach $2 million.
He stressed that B Y Properties isn't associated with the previously failed development attempt.
The property, including the building, has a preliminary 2013 assessed value of more than $2.9 million down from more than $5 million in 2008.
Edinburg City Manager Ramiro Garza said interest is there to fill up the remaining space in the building, though he couldn't disclose specific businesses.
The following year the project's developer, Paul Garza, faced foreclosure after borrowing more than $10.2 million against the property, Monitor archives show.
"The City of Edinburg does not front up money," he said. "We don't have one penny into it at this point."
Cinemark plans for dinner theater in failed Edinburg building development
The Alamo Drafthouse project was first announced in late 2005, but it failed to meet its first publicly announced deadline of completion by March 2007.
"I think this is going to push it over the top," Garcia said. "It's not a question of relief. It's a question of excitement."
He said Alamo Drafthouse made a verbal commitment, but dropped out three months after the company bought the property.
other flanked by stacks of concrete bricks and a ladder.
Still, he said the Trenton Crossroads Plaza development has been a success despite the large vacant building taking up the back portion of the Omega Seamaster Black Dial Vintage site. The theater will be something unique to the county, he said.
In June 2011, Cinemark's chief executive officer visited the site and passed, but showed interest again in January 2012.
"It's going to be a nice project," she said.
Alamo Drafthouse sign still hung on the unfinished building with one wing open to the elements and the Omega Speedmaster Professional Mark Ii 1969
The McAllen broker for the San Antonio property owner, B Y Properties, confirmed a long term lease was signed by the company this week.
Cinemark, the major chain that operates more than 460 movie theaters worldwide and is the dominant theater player in the Rio Grande Valley, announced its plans for the massive vacant building at the corner of Jackson Road and Trenton Road on Friday.
City officials said the project initially plagued by misfortune such as the bankruptcy of its developer and ensuing inability to find another buyer will be the catalyst to fill the empty 80,000 square foot shopping plaza with other businesses to flank the theater in its center.
"It's tough to have someone come in to buy when the note was $10 million and there was at least $4 and a half to $5 million to finish the project," Garcia said on Saturday.
"It took a year, really, for us to get to this point," he said. "There's still work to be done we'll know more once we're under construction."
The area on Trenton Road sees some 90,000 cars per week and the growing area needs such venues, he said.
Edinburg Economic Development Corporation Executive Director Nelda Ramirez said the project will bring 800 full time jobs and more than $1 million in capital investment from the property owner and Cinemark for site improvements.
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