NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE: KIM) announced that it has signed a lease with Cinépolis USA, a leading world-class cinema exhibitor, to bring their Luxury Cinema concept to Kentlands Market Square in Gaithersburg, Maryland. This announcement marks the first stage in a comprehensive redevelopment of the 250,000-square-foot center which will result in a walkable, mixed-use destination with a wide array of shopping, dining and entertainment options.
“With Cinépolis USA, we’re bringing the very best in entertainment to the residents of Gaithersburg,” said Tom Simmons, President of Kimco’s Mid-Atlantic Region. “We consider this the first step in transforming Kentlands Market Square into the vibrant town center that it was always intended to be.”
Kentlands Market Square is a Whole Foods-anchored, open-air center in an affluent master-planned community in a northwest suburb of Washington D.C. Kimco acquired the center in 2016 in large part because of the asset’s prime redevelopment potential. The company’s planned multi-year project will include renovated facades, improved pedestrian access and signage, as well as upgraded lighting and landscaping, in addition to increased density. The project’s focal point will be the revitalization of Market Street, the center’s “main street,” including the creation of a new “paseo” lined with cafes, boutiques and service offerings.
“The redevelopment of Kentlands Market Square is a prime example of how retail will evolve to meet changing consumer needs,” said David Jamieson, Executive Vice President and Chief Operating Officer of Kimco Realty. “By bringing in a unique operator like Cinépolis USA, we’re elevating the experience at Kentlands and providing residents with much more than just a shopping trip. The addition of entertainment, dining and service offerings, along with top-performing retailers, is key to our redevelopment strategy and the execution of our 2020 Vision.”
Cinépolis Luxury Cinemas-Gaithersburg, anticipated to open in 2019, marks Cinépolis USA’s debut into Maryland and adds to the brand’s existing list of 16 movie houses in the U.S., six of which are Luxury Cinemas. The approximately 34,000-square-foot movie theater will hold 540 seats, and offer guests an exciting new movie-going experience with its fully-reclining leather seat auditoriums, cutting-edge sound and high-definition projection technology, an upscale lounge-style lobby space, gourmet meals and a curated selection of beer, wine and liquor, as well as its in-theater waiter service.
“Teaming with Kimco to be an entertainment anchor in Kentlands Market Square is a tremendous opportunity,” said Neil Baron, Vice President of Real Estate, Cinépolis USA. “The breadth of this project, coupled with the company’s exceptional background, marks an exciting move for the area of which we are thrilled to be a part. The redevelopment’s emphasis on building community and offering a wide series of elevated experiences are brand pillars for Cinépolis USA. We look forward to introducing an unforgettable luxury experience to new film aficionados in the area.”
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2017, the company owned interests in 510 U.S. shopping centers comprising 84 million square feet of leasable space across 32 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
About Cinépolis USA
Cinépolis USA is a leading world-class cinema exhibitor that offers guests enhanced movie-going experiences through its “Cinépolis Luxury Cinemas” and “Cinépolis” theater concepts, and newly debuted 4DX and kid-approved Cinépolis Junior auditoriums. The Dallas-based theater chain opened its first theater in Del Mar, CA in July 2011 and has some of the top performing theaters in the country, currently operating a total of 16 theaters with a presence in Southern California, Florida, New York, New Jersey and Connecticut. Additional theaters across the U.S. are planned to open in the next few years. Its México-based parent company, Cinépolis, is the fourth largest movie theater exhibitor in the world. For more information about Cinépolis USA, please visit www.cinepolisusa.com, or follow on Facebook at www.facebook.com/CinepolisUSA, Instagram at @CinepolisUSA or Twitter at www.twitter.com/CinepolisUSA.