Landmark Theatres, which owns the Landmark Bethesda Row Cinema at 7235 Woodmont Avenue in Bethesda, could be under new ownership - or fade into cinema history altogether - if an agreement between parent company Cohen Realty Enterprises and creditor Fortress Investment Group cannot be reached before November 8, 2024. A New York State Supreme Court Judge set the date after CRE defaulted on a $543 million loan. The Landmark chain was among the collateral CRE put up for the loan.
Deadline reports that an agreement to restructure the loan before the November 8 auction is "unlikely [but] not out of the question." Industry insiders are noting many of the issues that cinemagoers in Bethesda have in recent years. Landmark shifted its programming away from its solid diet of arthouse and foreign films during the pandemic, IndieWire reports, because the virus impacted the older moviegoers those films attracted. But when the government declared the pandemic to be "over," Landmark found that bigger chains - who had more screens - had begun to muscle into the indie film market to fill the vacuum. Ironically, it was the larger struggles of the movie industry after 2019 that left more screens available for alternative programming at big cineplexes, such as indie films or Hollywood gems from the past.
Film distributors are also dissatisfied with the failure of Landmark to implement the amenities and more-lavish recliner seating the major chains now provide moviegoers, another reason they might choose an alternative chain to screen their films. IndieWire is optimistic that Landmark's more-profitable locations would be snapped up by other chains. One presumes Bethesda might be on that list, but the financial health of the Bethesda location is not public information.
But, speaking of "deadline," Landmark's lease for the Bethesda Row Cinema was said to expire in 2027, the last time property owner Federal Realty publicly commented on it in 2016. At that time, Federal Realty informed the Montgomery County Planning Board that it would have the option to redevelop the building that houses the Bethesda Row Cinema. Cohen Realty Enterprises acquired the Landmark chain two years later, and by all accounts, has fumbled the ball since. Four Landmark theaters have closed, including its flagship Westside Los Angeles theater, since CRE took ownership of the chain, Deadline reports.
The Montgomery County Council's deliberate choice to not require a replacement cineplex when the Apex Building was torn down continues to haunt downtown Bethesda. Foot traffic in downtown Bethesda plunged after the demolition of Regal Cinemas Bethesda 10, and the Council's disastrous "Nighttime Economy" initiative and policy decisions that cratered nightlife in the County after 2012. Now downtown Bethesda faces the possibility of having no movie theater at all.
13 comments:
No wonder the malfunctioning/inoperative signage hasn't been fixed yet.
Filmibund.
They renovated right before recliners became an expected luxury at nicer theaters. So it still has old style seats and everyone is packed together like economy class on a plane. Big miss since many people won't even consider a theater without recliners.
Wheaton Mall has recliners. Silver Spring has recliners and IMAX. Come on, man.
And having your electronic marquee sign malfunctioning for many months leaves the impression that you stopped even trying.
On the inside, recent reviews say the theaters are not clean.
If they really wanted to stay in business they'd fix that immediately. There's more to this story, methinks.
This theatre is more like an abandoned movie house that has seen better times. What used to be a vibrant and sparking theatre to see independent films is currently in ruin. It's dark and filthy. There are light bulbs that are out and not replaced, a dirty elevator, and a "take at your own risk escalator", as lights in escalator area are burned out! I'm surprised that BUP hasn't stepped in as Bethesda is an Arts and Entertainment district, and this is our only movie theatre.
Are they possibly getting ready for a renovation. That would be great!
How could the county council force a developer to put in a movie theater?
Do you have any data that shows that foot traffic plunged after the theater closed? Of course you don’t.
@11:43 A malfunctioning marquee hardly rates as a deal breaker in the quality of services rendered. GMAB! These issues all seem to be a battle between the property owner and the lessee, in this case Landmark. I wouldn't be surprised if the management is attempting to evict this tenant in order to renovate and bring in a major chain. It's all the in the politics of retail biz.
Downtown Bethesda needs a movie theatre !! There is the fabulous round house theatre for plays. But a movie theatre will help people shop in downtown Bethesda
10:55: The minor master plan amendment process allows the County Council to demand any stipulation in exchange for the density bonus provided. They deliberately chose not to exercise it.
10:58: Glad you asked. The parking garage Spaces Available signs that used to say FULL at peak dinner hours at Bethesda Row plunged to say hundreds and hundreds of spaces were available after the Regal closed. Eventually, the numerical counters were switched off to reduce embarrassment for the County.
RD @ 8:19 Now that's a spurious relationship if ever there was. You think the decline in parking numbers is directly in correlation to the Regal closing. The location of Regal to the parking garage closest to Landmark is somewhat inconvenient at best. Most of the patrons using Regal would use garages adjacent to the theater along Wisconsin and Elm Streets at the time. In addition many of the garage users also were patrons of the seafood restaurant Passion Fish.
8:19: The other factors were the collapse of the nighttime economy, and the closure of Barnes & Noble. But the Regal closure was the backbreaker where the change was really noticed. Many people went to dinner, then to the Regal. There was no real impact of Passion Fish, because those diners likely parked in the garage directly below that building.
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