"Premium Theater and New Shops Advance Exciting Mall Redevelopment"
November 12, 2013 - Chapel Hill, NC – University Mall, a Madison Marquette property, and the only enclosed regional shopping center in Orange County, has signed a lease with Silverspot Cinema for a 52,500 square foot movie theater complex. Silverspot, a premium movie theater operator, will be joined by four new boutiques, a high end sporting goods store and a new fine dining option - all part of University Mall’s redevelopment plan.
Silverspot at University Mall will be the fifth domestic location for the company, a division of Cines Unidos – one of the largest theater companies in South America. Other locations include Naples, Miami, and Bethesda in Maryland. Silverspot will debut independent and foreign films as well as blockbusters and 3D films. Additionally, they will offer alternative content such as live broadcasts of international opera, ballet and theater performances, which will differentiate Silverspot from the traditional multiplex movie offerings.
In keeping with the unique appeal of the brand, each Silverspot offers stylish design and atmosphere complete with casual dining and a lounge area. Theaters are equipped with state-of-the-art sound and projection technology, reserved stadium seating, and extra-large hand-stitched leather seats custom made for Silverspot. “Silverspot is about creating a no hassle movie going experience, a place that allows you to disconnect and recharge, a place for creative inspiration. The goal is not just to open a movie theater, but to create an environment that is unique, lush and plush, and feels more intimate and exclusive,” said Gonzalo Ulivi, Manager of Silverspot Cinema.
“Silverspot will transform the movie-going experience in the Triangle. Their vision for offering a unique, high caliber movie and dining experience is perfectly aligned with where we are taking University Mall. With seven new leases already executed this year plus the addition of a new, best-in-class destination theater, we are transforming this property,” said Chuck Taylor, Sr. Vice President of Leasing, Madison Marquette.
University Mall has been aggressively pursuing a theater as a co-anchor to reposition the mall as the exclusive dining and entertainment destination in Chapel Hill offering best-in-class local and regional shopping, according to Peter deLeon, General Manager of University Mall.
He added that Silverspot, which will be located in the current Dillard’s location, is expected to drive more traffic to the mall. “The opportunity to add a theater presented itself when Dillard’s decided not to renew their lease, “explained deLeon.
"From an economic development standpoint, this is an excellent use for University Mall and for Chapel Hill. We are delighted that Silverspot chose Chapel Hill and University Mall. Their decision speaks to the market we can deliver. Chapel Hill will have another entertainment destination option," said Mayor Mark Kleinschmidt.
New leases executed at University Mall this year total 67,500 square feet. William Travis Jewelers and TrySports are now open, with Fine Feathers and Peacock Alley slated to open later this year. Plaza Azteca, a full-service restaurant serving contemporary Mexican cuisine, and Kidzu Children’s Museum, will join the restaurant line-up in 2014, and Silverspot will follow with an early 2015 opening.
Silverspot opened their first US location in Naples, FL at another Madison Marquette property, The Mercato in 2009.
About Madison Marquette Retail Services (MMRS):
MMRS provides a full range of real estate services for 20 million square feet of retail and mixed-use properties throughout the United States. The company specializes in enhancing the value of retail assets through an integrated approach to leasing, property management, marketing and development services. MMRS has offices located in Charlotte, Dallas, Ft. Lauderdale, Los Angeles, New York, Philadelphia, San Diego, San Francisco, Seattle and Washington, DC. For more information, please visit www.madisonmarquette.com.
Silverspot Cinemas is a privately held, customer centric company specializing in sophisticated cinemas that offer an enhanced, hassle-free entertainment experience in a boutique environment catering to an upscale clientele. Silverspot at Mercato, located in Naples, Florida, marked the initial expansion of Silverspot Cinemas throughout the United States. Silverspot is the sister company to Cines Unidos, a family owned movie theatre circuit founded in Venezuela in 1947. For more than 60 years, Cines Unidos has been the market leader in Venezuela and has operated cinemas in Argentina and Chile. Silverspot currently operates 24 theaters with a combined total of 200 screens in Venezuela. In the U.S., Silverspot operates four theaters with 12 screens and 35 under construction.
About University Mall
University Mall is a 366,000 square foot regional shopping center located on route 15/501, in the heart of Chapel Hill and the vibrant Triangle region. Anchored by award-winning gourmet retailer, Southern Season and Silverspot (arriving 2015), the mall is home to forty unique shops and restaurants, comprised of a dynamic mix of national and best in class local retailers and restaurants. For more information visit www.universitymallnc.com.