Dan416
Senior Member
It matters if people say H&R owns the Atrium, which I do not see.
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It matters if people say H&R owns the Atrium, which I do not see.
Automation Gallery
Superstar
Here is a little info on the Atrium property.
H&R Reports Solid Q4 Results and Increases the Quarterly Distribution Policy
Subsequent to December 31, 2010, H&R REIT:
•entered into a conditional agreement to purchase 595 Bay Street, 20 & 40 Dundas Street West and 306 Yonge Street in Toronto, Ontario, which are collectively known as the "Atrium on Bay" for a total purchase price of $344.8 million. As part of the foregoing purchase price, but subject to lender approval, H&R REIT will assume a non-recourse, $190 million mortgage having a remaining term to maturity of approximately 6 years
http://www.newswire.ca/en/releases/archive/February2011/24/c5342.html
TOfan696
Active Member
Sometimes you just need to have some trust - all because its not available to the public does not mean that it inst happening behind the scenes, I cant always post documents for proof because of confidentiality but I wouldn't throw out information that isn't true.
VoiceofReality
Active Member
It's confirmed, the building has been sold to a company called Bentall Kennedy.
JasonParis
Moderator
More on Bentall Kennedy: http://www.bentallkennedy.com/default.php
MetroMan
Senior Member
The AMC theatres have been bought by Cineplex.
Cineplex also operates the Scotiabank theatre on Richmond St. West and John. Because of the no competition clause, both theatres cannot show the same movies because they're within a certain radius of each other. This leads me to believe that Cineplex will close the Scotiabank Theatre.
This may be wishful thinking, but it's not a stretch to imagine that Cineplex and/or Scotiabank will put some money into 10 Dundas East, perhaps buying the naming rights. The word is that they bought 4 AMC theatres for a bargain so they'll have a budget to invest in re-branding the properties as Cineplex, which in Yonge & Dundas' case, I hope it includes the common areas of the building and its exterior.
At the very least, we'll see the signage changed outside, the ticket booths at street level rebranded and likely the entire theatre areas brought in line with Cineplex's dark and neon branding.
We may finally see some movement on improving this property.
Cineplex also operates the Scotiabank theatre on Richmond St. West and John. Because of the no competition clause, both theatres cannot show the same movies because they're within a certain radius of each other. This leads me to believe that Cineplex will close the Scotiabank Theatre.
This may be wishful thinking, but it's not a stretch to imagine that Cineplex and/or Scotiabank will put some money into 10 Dundas East, perhaps buying the naming rights. The word is that they bought 4 AMC theatres for a bargain so they'll have a budget to invest in re-branding the properties as Cineplex, which in Yonge & Dundas' case, I hope it includes the common areas of the building and its exterior.
At the very least, we'll see the signage changed outside, the ticket booths at street level rebranded and likely the entire theatre areas brought in line with Cineplex's dark and neon branding.
We may finally see some movement on improving this property.
SP!RE
°°°°°°
It looks like the below-grade level will become a Beer Store location, too, so that's also good news for that currently useless (apart from the Shoppers Drug Mart) basement.
taal
Senior Member
I very much doubt scotiabank theater will close ... if anything the other way around.
MetroMan
Senior Member
That makes no sense. Why would Cineplex buy the AMC theatre to close it?
That's good news. The lower floor will be complete with big tenants Shoppers Drug Mart, Extreme Fitness and now the Beer Store.
Although AMC didn't own the building outright, they were the major anchor tenant. Their poor investment in the building was obvious. AMC has always been very timid about investing in Canada -- as demonstrated by their ultimate departure -- so I wouldn't be surprised to see a much more deep pocketed Cineplex putting some serious money into this building.
Think about the current setup and now put it on steroids. Although it doesn't look like it, the entire path from the street, to the lobby, to the escalators, to the top floor and theatres are AMC branded. In AMC's case, that amounted to a few small signs on the sides of the escalators. Now put Cineplex money into that: a kick ass lobby with ticketing centre in dark lighting with movie posters, big screens playing trailers and movie memorabilia (like the Star Wars ship hanging at Scotiabank Theatre). Then you'll have a series of escalators branded in Cineplex lighting the path up to the theatres. Next you have the second lobby, also darkened and lit with neon consistent with the Cineplex brand. Add in revamped concessions stands and an arcade and I think overall you'll have a much more interesting building.
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taal
Senior Member
I think both will operate to be honest.
Scotia is much larger, also they'd be sacrificing the only real imax screen downtown !
So let me reword it: I'd hate for scotia to close ! It's an icon, no matter what they do to the lobby of the AMC theater I doubt it'll ever be as nice.
Scotia is much larger, also they'd be sacrificing the only real imax screen downtown !
So let me reword it: I'd hate for scotia to close ! It's an icon, no matter what they do to the lobby of the AMC theater I doubt it'll ever be as nice.
alklay
Senior Member
Just like they wouldn't buy the AMC to close it, they would not buy it to close another theatre. I think you can relax.
And I would not expect much if any money spent by Cineplex on this building, besides signage. They bought the lease to AMC, not the building.
And I would not expect much if any money spent by Cineplex on this building, besides signage. They bought the lease to AMC, not the building.
MetroMan
Senior Member
I wouldn't want it to close either but I think you're missing a couple of facts here.
How is Scotia much larger? The AMC Yonge & Dundas has 24 screens (with room for up to 6 more), Scotiabank has 14.
10 Dundas East looks the way it does because it's missing something most people can't quite put their finger on. It just feels incomplete. What it's missing are finishings. It's like a raw building that was stopped mid construction and opened as is. Add some drywall, proper ceilings, interesting lighting and signage and the building can be quite beautiful.
Then put them head to head in terms of location and Yonge & Dundas wins in every possible category. Pedestrian traffic is many multiple times higher at Y&D, this is the highest traffic tourist area and tourists make up the biggest chunk of spontaneous walk up moviegoers. The second biggest lead to spontaneous movie goers: shoppers at a mall, none of which are at Richmond & John, all of which are at Eaton Centre across the street.
This location has everything to be one of the busiest movie theatres in Canada but AMC just didn't put the money into it. Scotiabank may continue as a movie theatre for nearby residents and for moviegoers purposefully going to the movies, but the Y&D location will become Cineplex's flagship location.
TheTigerMaster
Superstar
This may be a stupid question buy I don't understand the no competition clause. Why couldn't both the Scotiabank theatre and the AMC show the same movies since they're both owned by Cineplex? Wouldn't Cineplex just be competing with itself?
MetroMan
Senior Member
It's a good question. I can't remember the specifics right now but when AMC opened, I remember reading that the regulating body doesn't allow 2 separate theatres within a certain radius of playing the same movies.
DSCToronto
Superstar
The 'non-compete" clause applied when the two theatres were owned by different companies; It is very common that a chain will only agree to show a movie if no other chain can show it within x miles.