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TOPIC: Lease Questions

Lease Questions 26 May 2007 18:47 #15325

  • juise15
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It has been some time since I have been on here but I wanted to talk to some professionals about this theater I am still considering.

In southwest Louisiana is the old Charles Cinema which was a single screen built in 1971ish and converted to a 3 screen in 1975. This is the LAST remaining old school theater with the sloped floor and seating for 750, 550, 550.

The theater is very run down and reaks of poor maintenance and poor management. In 2003 it closed for the first time under the original owner. A new guy from out of state came in and decided to open it back up. Then after we were hit with hurricane Rita, he decided to pull out, and the theater was closed.

It has been closed now since last November and there is no sign that anyone is going to buy the property. It sits on a little under 5 acres with 3 being on land and parking. To sale they want 2 Million (thats right) and for lease its $3100.

The problem arose that I believe I can open the theater and make it profitable again. I have many ideas including that of using 1 room for a weekly or monthly comedy show, a concert venue, or some type of community forum. However, what I run into is having no collateral to get financing for this.

Do any of you know ways of getting funding for a startup biz such as this? Im afraid to goto the bank because I don't have anything backing this. I too dont think the property is valued at 2 million simply because of the condition of the property and building.

The only plus is that it is about 2 blocks from a Community College campus, 1 block from a main road, and across the street from a KMart, Albertsons, Casa Ole, and Fire Moutain.

What are your takes on this... any suggestions or advice?
Justin Toney
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Re: Lease Questions 01 Jun 2007 06:53 #15326

  • Dexxa
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Is there a local megaplex anywhere or any other cinema near by?

With most loan companys i went to require at least 20% of our own money upfront.

But im in the same kinda thing, I want to turn large warehouses into cinemas but getting funding is kind of hard,

Do you have a business plan ready made up to show the loan companys?

Have you tryed these ? http://www.pacificconcessions.com/financing.htm

Good luck with your project
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Re: Lease Questions 01 Jun 2007 17:04 #15327

  • juise15
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There is a Cinemark 14 Screen and a United Artist 10 screen. Both are 1st run theaters.

I heard that with the raising of minimum wage, mom and pops are going to have a harder time making ends meets. And also no one will be going anywhere because the cost of good and services will also see a 2 dollar increase.
Justin Toney
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Re: Lease Questions 02 Jun 2007 12:07 #15328

  • Dexxa
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Problem with megaplex's they dont have style like the old cinemas did, I can remember going to the 6 screen odeon cinema years back and paying a cheaper price and getting a great service, and the screens was fantastic, The screens was alot more bigger then multiplexes even tho it was in a small building,

Im also thinkingg of transforming some buildings into a cinema chain be free to have a look
http://www.reelvillage.co.uk/gallery/main.php?g2_itemId=19

The buildings are fairly cheap on the lease per annum which is a good thing,

But im also wanting to buy into a 4 screen cinema which is already open. http://www.reelvillage.co.uk/gallery/main.php?g2_itemId=39

Its amazing what you can build in one warehouse. If i get the funds to buy that cinema it'll help me fund getting these buildings redesigned and opened, Also will be opening an online store and buying a shop to help bring money in,

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Re: Lease Questions 04 Jun 2007 13:11 #15329

  • Mike
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If you do not have money you can try to negotiate lease/ purchase. But you will need operating capital and money for whatever you want to add/change.

Michael Hurley
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Michael Hurley
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Re: Lease Questions 07 Jun 2007 01:29 #15330

Looks like we have the same idea. I am also looking to open the same building lol. How serious are you? I really need to know because I have started a company name and have been working on a business plan for the last two months and was hoping that all is not lost. It is good to see us Lake Charles people representing on Bigscreenbiz lol

[This message has been edited by Supercine22 (edited June 07, 2007).]
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Re: Lease Questions 07 Jun 2007 09:06 #15331

  • juise15
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Who are ya? I kind of knew someone in the area was interested but I didn't know someone was serious.

Have you seen the building, do you know who owns it?
Justin Toney
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"Inspiration is only a thought away"
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Re: Lease Questions 07 Jun 2007 10:13 #15332

Yes i do know who owns it and have been in negotiations to lease the building, I have been inside and have talked to the owners.
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Re: Lease Questions 07 Jun 2007 10:24 #15333

  • juise15
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Good luck, the building is a wreck and you probably won't be able to open with its condition. Which is why Barry shut it down.

It would be great, though, to work together on this and open up something that would bring life back to the area.

[This message has been edited by juise15 (edited June 07, 2007).]
Justin Toney
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Re: Lease Questions 07 Jun 2007 11:17 #15334

  • juise15
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I guess its safe to say good luck to the other guy. Ive been at this since November with no luck. It seems unless you have a ton of money to dump into this, then don't count on opening a theater, especially a subrun.
Justin Toney
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Re: Lease Questions 07 Jun 2007 16:31 #15335

  • Dexxa
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So if your thinking that, then why was you going for it ? :P
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Re: Lease Questions 07 Jun 2007 17:43 #15336

  • juise15
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I am just upset. The theater won't make it by showing movies alone, and unless it is remodeled a lot (no fire sprinklers in the building) then you aren't going to attract anyone back. On top of that if you change the wall layout of the building you must add sprinklers (per the fire marshal).
Justin Toney
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Re: Lease Questions 07 Jun 2007 21:23 #15337

Man i didtn want to upset you. but i have thought of almost everything and have looked at the building and have planned an entire renovation. I am sorry. i know I would have been crushed if the roles were reversed. I couldnt sleep last night thinking my dream was over.
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Re: Lease Questions 07 Jun 2007 22:10 #15338

  • juise15
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Well in a way it might. I got financing for it. I really insist that we could learn from each other on this if you would be interested in a joint venture.
Justin Toney
Creative Multimedia

"Inspiration is only a thought away"
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Re: Lease Questions 07 Jun 2007 22:11 #15339

  • juise15
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BTW do you even know if Joe still has the building available. I am just curious to know what he thinks he can get for a lease.
Justin Toney
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