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QW Bay Anchor Tenant Will Be "State of the Art" 15-Screen Movie Theater

(April 9, 2001) -- A 15-screen movie theater, billed by the developer as "state of the art," will be the anchor tenant for LB's QW Bay entertainment and commercial development.

Ohio-based Developers Diversified Realty, Corp. (DDR), chosen by the City Council to develop the commercial/entertainment portion of LB's signature seashore project, announced it has entered into an agreement with Crown Theaters, LP "to operate a 15-screen mega-plex with state-of-the-art THX digital sound, automated projection, all stadium seating with high-backed chairs and gourmet concession areas, and other amenities."

A DDR release says the cinema will include a glass-walled, second-story lobby spanning a walkway leading into the complex from the convention center.

DDR says Crown Theatres LP, a Connecticut-based chain, operates 134 movie screens in 14 locations and "is a privately held company funded entirely by private investors, placing it in a strategic position to take advantage of growth opportunities while the majority of the industry is financially restructuring."

In the release, Eric Mallory, DDR's Senior VP of Development, calls Crown Theaters "an experienced and respected cinema operator, with a proven track record of success, no debt and no outdated, underperforming cinemas."

Mr. Mallory added, "A state-of-the-art theater is the cornerstone for the Queensway Bay project" and "based on our agreement with Crown Theatres, we are moving forward to finalize leases with a wide range of specialty retail tenants and restaurants."

DDR's release quotes LB Mayor Beverly O'Neill as saying, "It is significant news that DDR has found a quality theater operator for the Queensway Bay development. We hope to now move forward to create an outstanding waterfront destination for our community."

The release also quotes LB Vice Mayor Dan Baker, in whose Council district the project is located, as saying, "This is great news for our downtown and for our residents. It will build on the critical mass we’re creating in the heart of our city."

DDR said a groundbreaking ceremony for the Queensway Bay development is expected this summer with grand opening set for July 2002. It said the firm was prepared to break ground on the development last year before two separate theater operators who had committed to the project filed for bankruptcy protection and were dropped.

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