Carnival Cinemas has a new idea for its location in Red Deer’s Capstone District.
On Monday, the City Council approved the first reading to amend the Capstone Zone Planning Regulations and Progression Plan to rezone 5402 47 Street from the CAP-TD Capstone Taylor Drive District to the CAP-PR predominantly residential Capstone District. Rezoning is being accelerated for the corner lot to facilitate a mixed-use, residential and progression pending on the site.
Bill Ramji, owner of the Carnival movie theaters, as well as the building and the 2. 32 acres of land it sits on, said that for now, the existing construction can be used for advertising purposes.
However, he and the entity, whose call cannot yet be called, are making plans to build an apartment building in the parking lot and renovate the existing construction to have apartments and a small advertising domain on the ground floor and other housing at the moment. soil.
Ramji put the building up for sale in August 2022 with plans to move the cinema, but said he struggled to find a buyer.
READ: Final Vision Hasn’t Changed With Carnival Cinemas To Relocate
“We’ve tried to cast a huge net there, looking to attract potential buyers, investors and other people who might move here, build custom things, whatever we’ve tried to do here; there’s just no movement at all. “There’s been movement in one aspect in part,” he said. There was no one, whether it was an entity or other entities, who could simply take control, so it dragged on. In the end, when we had this opportunity, it was the most productive use in the future.
Ramji said the allocation is contingent on rezoning demand. If the assignment is approved, the next step will be to apply for a progression permit.
He said that while it is still too early to confirm, it is possible that he retains some ownership of the land.
Ramji says the end date for the theater’s operations will depend on the procedure with the city and the structural industry. He said he will keep it open as long as possible; But if all goes well with the rezoning and permitting, the theater may stop operating on-site until late summer.
While he would still like to move, he says market situations will affect his decision. As a second-run movie theater, he explained that the pandemic has taken its toll on his industry, with productions shutting down and letting larger theaters show movies for longer periods of time. During this time, other people also increase their subscriptions to home theater, video-on-demand, and streaming services. The writers then made moves in Hollywood, leading to additional production delays. .
“Last year we almost tried to catch up, but it wasn’t the case and this year either,” he said. “We’re a big entity. When you’re sitting in a place like this with asset taxes, with our front fees, with construction maintenance, utilities; It costs us dearly.
He added that a significant expense includes royalties paid to movie sellers, which can account for 35 to 60 percent of the ticket sales price. With an access fee of just $5, he said, another 50 people a week generate just $250 in gross income. . The cinema is limited in expanding ticket prices, he says, because it is not a first-run cinema and is included in the prices of new facilities.
The homes surrounding the Carnival Cinemas are divided into CAP-PR to the west and CAP-TD to the north and south.
A high-rise residential allotment is currently under construction in Capstone, west of the cinema.
READ: City Says Groundbreaking Task Gives Red Deer Downtown Confidence and Underpins Vision
“Since our site is across from Capstone, I’m very pleased with the new assignment that will be done here because it’s on the front. When the city first expropriated an acre of land from us in 2015, the city’s vision to create this side street in front of us and open up the Capstone neighborhood,” he said.
“If the film industry thrived for us in this place, yes, we would be able to do it and we could still be here; However, this is not the case. I’m satisfied and I’d like to see this box grow. “And I’m confident that when our task is integrated, it will start to attract more developers, more investors, and more people who won’t be able to set up shop at Capstone.
A public hearing will be held at the May 13 council meeting.
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