The New Victory Park Announces Transformation Milestone: Cinépolis USA to Join High-Profile Re-Development
DALLAS (April 15, 2015) – The New Victory Park today announced that Cinépolis USA, a leading world-class cinema exhibitor, will open an eight-screen, 700-seat luxury theatre in the heart of Victory Park, a 75-acre mixed-use development in downtown Dallas. Located at the northwest corner of Victory Park Lane and High Market Street, the theater will be part of a multi-level, mixed-use building which also will include residential and retail components and additional parking.
Cinépolis Luxury Cinemas-Victory Park marks Cinépolis USA’s debut into Dallas and its first foray into Texas. The approximately 44,000-square-foot cinema, projected to open in 2017, will offer guests a luxury movie-going experience with its fully-reclining leather seat auditoriums, cutting-edge sound and high-definition projection technology, an upscale lounge-style lobby space as well as a gourmet menu with in-theater waiter service. The leading world-class cinema exhibitor known for its Luxury Cinemas and enhanced Cinépolis theater offerings will screen movies seven days a week. Guests will be able to reserve seating via www.cinepolisusa.com upon the theater’s opening.
“Welcoming Cinépolis Luxury Cinemas as Victory Park’s newest entertainment anchor validates the excitement about what’s on the horizon for the New Victory Park,” said Terry Montesi, CEO of Trademark Property, Victory Park’s retail partner. “Leasing interest in Victory Park is very strong, and we are being patient in order to curate the right tenant mix for the re-development. We already have one of the best locations in Dallas. Now, we’re executing a strategic leasing plan, enhancing the streets and sidewalks, and implementing our new design to make sure that the New Victory Park is a walkable, exciting, easy to use and soulful part of Dallas’ culture and community.”
“The New Victory Park couldn’t be a better fit for our entry into the Dallas market as its commitment to bringing in top-tier partners, its attention to detail and its excellent location will draw loyal and enthusiastic guests,” said Neil Baron, Vice President of Real Estate, Cinépolis USA. “The pride we take in presenting guests with the best cinema experience is reflected through our decision to partner with the development. We are honored to be a part of this momentous mixed-use community that will introduce Cinépolis USA’s luxury movie-going experience to new film aficionados.”
The Cinépolis building will also include a 640-space structured parking garage located above the ground floor retail to accommodate residents, retail customers and moviegoers. In addition, construction of a new 250-space parking facility at the south end of the district at Victory Avenue and Lamar Street is slated to begin in the next month.
“This is an exciting day for Victory Park as we see a major entertainment anchor, Cinépolis USA, make a commitment to the district,” said Lance Fair, COO of Estein & Associates and Vice President of Victory Park. “Similarly, the efforts we’ve made to improve the district are resulting in significant interest in a variety of projects on the office and residential front. Momentum is high and we’re working to capitalize on that enthusiasm.”
The addition of Cinépolis Luxury Cinemas is not the only recent redevelopment milestone. In December, Hines and Cousins closed on the acquisition of the 2.94-acre site on Victory Avenue, on which the firms plan to develop Victory Center, a 23-story, 466,000-square-foot office tower. Construction is slated to begin in mid-2015.
On the retail side, Victory Park recently announced five new tenants, including: Simply Elegant – Dallas and Read Between the Lines, which are now open; Victory Park CrossFit and Jimmy John’s, which are slated to open this month; and BuzzBrews diner, which is slated to open in late 2015. In the past year, more than 1,000 new residential units opened in Victory Park and another 425 are slated for completion in 2015.
Victory Park began its initial phase of construction in 2014 with a primary focus on pedestrian-friendly improvements to Olive Street and Victory Park Lane. To date, work has centered on the new signalized intersection and traffic light at Olive Street and Victory Park Lane, large crosswalk on Olive Street, and on Victory Park Lane where existing raised medians and street lights have been removed, sidewalks have been widened to accommodate large outdoor patios, new trees have been installed, raised mid-block crosswalks have been added, and planters, benches and light poles with banners are being installed.
Phase I will continue throughout 2015 with the installation of new directories, seating and landscaping throughout Q1, and the completion of two way traffic conversion and Katy Trail extension slated for late summer 2015.
Victory Park currently contains 165,000 square feet of retail, restaurant and entertainment space, with an additional 80,000 square feet planned; 621,000 square feet of Class-A office tenants; the 252-room W Dallas – Victory Hotel; and more than 1,700 residential units, with another 425 units under construction.