Vacant movie theater gets new owners at Monroe Street plaza - KCTV5 News

Vacant movie theater gets new owners at Monroe Street plaza

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SYLVANIA TOWNSHIP, OH (Toledo News Now) -

One of the most desirable retail locations has sat unused for years. A new owner has come to the Shops at Franklin Place on Monroe Street.

The old movie theater has been vacant for years, but Wednesday afternoon, the Whitehouse-based company Devonshire Reit purchased the land it sits on for $8.55 million from National Amusements.

"I remember when this was a drive-in movie theater. We used to sneak into the back and watch movies for a little bit," said Doug Dymarkowski, vice president of Devonshire Reit.

Now Dymarkowski is seeking permits to have the old building demolished. He plans to put up 65,000 square feet of new retail space, and is negotiating with national retailers for large and medium-sized box stores.

The company isn't releasing store names yet, but they sought some expert advice.

"We also talked with our wives, who do a lot of shopping in the community," Dymarkowski said. "They told us what they would like to see here, so I think we're going to have some great tenants for this property."

Sylvania resident Amy Black shops at the Target store in the Franklin Place plaza. She says she's ready for the old theater building to go.

"You can always use more business, and it has been vacant for as long as I can remember, so it would be nice to see it being used for something and add some more jobs around here," Black said.

The new owners will keep Target as the anchor of the plaza, and say they want to reach long-term leases with the businesses that are already there.

"This is going to be our crowned jewel," Dymarkowski said. "We're excited that we get to use local contractors, local banks, local title companies."

It will be up to eight months before new stores are up and running at the plaza.

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Copyright 2013 Toledo News Now. All rights reserved.

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