Tentative Deal Reached on Theater Renovation

Now that the newly renovated Pier Plaza is almost complete, city officials are hoping a developer whose success at adding shops in downtown business districts such as Old Town Pasadena and Santa Monica’s Third Street Promenade will help add retail space in the beach town’s downtown district.

Under a tentative agreement between the city and CIM Group and Federal Realty Investment Trust, which is in the process of purchasing the historic Bijou Cinemas building for $1.4 million, the developer would build a four-screen theater in the building, add 20,000 square feet of retail space and a 135-space parking structure. The theaters closed Jan. 1 because owner Joe Naughton had not met the deadline for a required seismic overhaul.

Although plans are still subject to approval by the City Council, the developer is expected to start construction on the project in 1998 and open the new retail space in 1999.