A suburban Illinois movie theater built in 1952 is a far cry from today’s state-of-the-art digital multiplexes and may be better off on the cutting-room floor, says Chuck Argianas, MAI, president of Argianas & Associates Inc.
Argianas recommends the theater be redeveloped based on HBU considerations. Bringing the building up to code could be prohibitively expensive, however.
“It hasn’t been updated for many years,” Argianas says. “The facility and the equipment are obsolete by today’s standards. Our firm has appraised dozens of theaters like this across the United States, and it’s clear that it would take a lot of work to make it economically viable.”
The original theater featured a single screen and was later modified for two screens. Its vintage reel-to-reel film equipment and sound system limit the type of movies the theater can screen. The concession stand is also dated and insufficient for modern needs. Meanwhile, the restrooms are too small, the roof needs to be replaced, the mechanical systems are in poor shape, and the building lacks modern fire protection.
“You’re not going to make much money with only two screens, and small venues are not easily adaptable for alternative uses,” Argianas says. “That said, we’ve seen creative operators with reasonable visionary skills find ways to put these properties back into service.”
It’s unclear what the theater’s fate is. Market demand, demographics and cultural trends will play a starring role in the outcome.
