Landmark Theatres President Kevin Holloway announced Thursday that Landmark Theatres has entered into a long-term lease agreement for the Playhouse 7 movie theater on Colorado Boulevard.
The company plans to undertake a series of renovations in the coming months to the seven-screen, 1,300-seat venue located at 673 E. Colorado Blvd. Planned improvements include upgrades of the sound and projection systems and modernized seats.
The movie house is expected to reopen this summer.
“The Playhouse acquisition is important for Landmark, as we’re able to continue the tradition of showcasing quality film to Pasadena’s moviegoing community. This theater has a deep history, which we look forward to honoring and building upon in the years ahead,” says Holloway.
Leading the negotiations with GD Realty to operate the theater is Michael Fant, Executive Vice President for Landmark Theatres.
“It is extremely gratifying to be able to continue to serve the community with an arthouse theater. We are invested in supporting the arts in the Pasadena Playhouse Village area,” said Arash Danialifar.
Laemmle Theatres announced in February the sale of its 22,897 square-foot Pasadena location on Colorado Boulevard near El Molino Avenue in the city’s trendy Playhouse Village to GD Realty Group of Los Angeles, owner and developer of urban commercial real estate in prime Southern California locations.
According to a statement released at the time of the announcement, the sale also included a leaseback that would allow the theater to continue operating, which Pasadena Now reported.
Under a leaseback agreement, the company that sells an asset leases back all or a portion of that same asset from the purchaser.
But when plans to redesign to property reached the Design Commission, it did not space for the movie theater. Earlier this year Pasadena Now reporter the city was working with the city to reach a solution that would see the theater remain.
Landmark Theatres will upgrade the theater’s sound and projection systems and in the coming months, after opening, will complete an upgrade of the facilities to reflect Landmark’s luxury styling, including the installation of modern comfortable seating.
At the concession stand, offerings will be expanded to include new gourmet and healthy food items, alongside traditional movie theater favorites, including Orville Redenbacher popcorn and real butter.
Beer and wine will continue to be available, with plans to expand the offering to full spirits.
The Playhouse 7 opened February 5, 1999. It was built by Laemmle Theatres from the ground up and has been continuously operated by the family-run art house chain.
Founded in 1974, Landmark Theatres, the nation’s largest specialized theater chain, is dedicated to independent cinema and high-quality mainstream film with 178 screens in 24 markets.