Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Shinvest Holding Ltd    EGTL   SG1CB0000000

News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Regal Entertainment : Cinemas sues Lloyd Center owner, developer who would build 900 units

11/23/2015 | 11:03pm US/Eastern

Nov. 23--The popular movie theater company Regal Entertainment Group is suing the owner of the Lloyd Center and the developer who wants to build 980 units in the rapidly changing area, according to a lawsuit filed in Multnomah County Circuit Court.

The plaintiff is Eastgate Theatre Inc., a company that listed Regal's corporate headquarters as its address with the Oregon Secretary of State's office. The defendants are Dallas-based Cypress Equities, which owns the Lloyd Center and the property in question, and Portland Lloyd Center Community LLC, a limited liability company associated with Southern California developer Bob Bisno.

Bisno announced earlier this year plans to buy the site of the Regal Lloyd Center 10 & IMAX and the adjacent parking lot and build a 980-unit residential development that would also include retail space and parking for 873 cars.

The lawsuit contends that the parking at the site is "a material term" of Eastgate's lease and "critically necessary" to the use of the property. The theater generates about $6.3 million in annual revenue, the complaint says.

"Eastgate is entitled under the terms of the lease to have access to the parking for use by its patrons during the term of the lease," the complaint reads. There are about 11 years left on the lease, according to the suit.

Joel A. Parker, an attorney for the plaintiff, declined comment. Phone calls to Regal Entertainment Group, Cypress Equities and Bisno Development Co. were not immediately returned.

Regal Cinemas said in July that it planned to stay at the Lloyd Center, referring to "ongoing discussions" with Cypress Equities "regarding new theater options" for the area.

Regal closed its eight-screen theater inside the Lloyd Center in January. That space was being converted to office use.

Cypress is completing a $50 million renovation to the Lloyd Center. Nearby, the Hassalo on Eighth development recently brought 657 units to the area.

-- Luke Hammill





(c)2015 The Oregonian (Portland, Ore.)

Visit The Oregonian (Portland, Ore.) at www.oregonian.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

React to this article
11/23 REGAL ENTERTAINMENT : Cinemas sues Lloyd Center owner, developer who would build..
11/06 EASTGATE TECHNOLOGY : Police warn of spate of criminality in Whitworth in last w..
11/04 EASTGATE TECHNOLOGY : Remembrance service ; IN BRIEF
11/04 EASTGATE TECHNOLOGY : New plans revealed for former Spilios site
10/30 EASTGATE TECHNOLOGY : New Eastgate owners target leisure growth By Val Sweeney v..
10/30 EASTGATE TECHNOLOGY : Drunken farmer found slumped over car's wheel City car par..
10/26 EASTGATE TECHNOLOGY : Ramboll - chester city walls reopens to the public followi..
10/21 EASTGATE TECHNOLOGY : Foodie Flicks
10/11 EASTGATE TECHNOLOGY : Sunday best sunday best ; sunday shorts
10/08 EASTGATE TECHNOLOGY : Find out if your youngster has contest winning Pounds 1,00..
News chart
Full-screen chart