Warehouse Cinemas confirms Frederick for flagship location
New lease agreement signed for Frederick Towne Mall
Warehouse Cinemas, a locally owned, premium movie theatre company signed a new lease agreement to renovate the east part of the Frederick Towne Mall as their flagship location. Terms of the deal were not disclosed, but the owners indicated plans for major renovations and have targeted summer of 2020 as the opening.
Warehouse Cinemas is a venture of HighRock Group, a privately held holding company headquartered in Hagerstown, Maryland. “We’re excited to finally re-announce this project after delays earlier this year. We believe Frederick is the perfect location for our flagship Warehouse Cinemas, so we’ve been diligently working behind the scenes to move things forward.” says Rich Daughtridge, President and CEO of HighRock Group.
Daughtridge indicated the team faced numerous challenges and delays with the project over the last 12 months but is excited to begin construction soon.
He describes the business model of Warehouse Cinemas as “affordable luxury” – offering first-run movies, a sleek modern-industrial décor, leather recliner seating, premium food and drink options, state-of-the-art digital projection, special events and a wide range of ticket prices. He also said the company plans to pursue an alcohol license at the Frederick location to offer beer, wine and specialty drink options.
Previously occupied by Hoyts Cinemas, the theater space includes 10 screens with a total footprint of approximately 32,000 square feet and has been vacant since 2009. The team of leasing agents for the mall, Faraz Cheema, Danielle Balkin, and Karl Lataillade of Coldwell Banker Commercial NRT, indicated the property owner is planning to work with other like-minded tenants to transform the space into an entertainment destination.
Greg Mills, COO of Warehouse Cinemas will oversee construction and management of the renovation project. Mills stated, “In addition to significant interior renovations, we plan to update the façade facing Route 40. This will make the cinema more visible and inviting to patrons.” A virtual reality tour of the interior concept for Warehouse Cinemas is displayed on online at warehousecinemas.com, and the company plans to post updates to their Facebook page as the construction timeline unfolds.
Warehouse Cinemas partnered with First United Bank and Trust for the financing of the project and retained Tony “C” Checchia, owner of Verita Commercial Real Estate, to help locate viable locations early on in the search process.
Richard Griffin, Director, Department of Economic Development, commented on the project, “Entertainment uses like Warehouse Cinemas are a critical component of a healthy retail mix and we a delighted to see it move forward. The Golden Mile is a top retail destination corridor with over 50,000 vehicle trips daily and 117,000 people living within five miles of the corridor with average household incomes of $103,000 annually. The City has prioritized efforts to promote the Golden Mile as a state and locally designated Enterprise Zone and we are thrilled to see this type of investment occurring. With business investment like Warehouse Cinema and continued public support, the City remains confident that the Golden Mile will continue to thrive in the future.”
“Frederick’s Golden Mile is a critical retail corridor for our citizens, and we are excited to see Warehouse Cinemas moving forward with its plans to open a destination cinema experience at West Frederick Center,” said Michael O’Connor, Mayor, City of Frederick. “Congratulations to both the property owner and Warehouse Cinemas for continuing to move this key project forward. We are confident that Warehouse Cinemas will play a major role in drawing new retail traffic to the area, reinvigorating the Center, and creating a new destination on Frederick’s west side.”