The beloved, 53-year-old Park Terrace Stadium theater is closing this weekend, but its building won’t be torn down.
Lyle Darnall, managing director of Edens, which owns Park Road Shopping Center, said in a call with the Observer Wednesday that the building instead will be renovated to make way for a new, soon-to-be-named tenant.
Darnall said he’s heard a number of rumors about the site, including that the building will be demolished and that Edens is selling it. None of those are true, he said.
“We’re deep into negotiations on something. When we’re at the point when we can announce, we’ll scream it from the rooftops,” Darnall said.
“I really don’t think people will be disappointed once we get this thing wrapped up.”
Darnall said Edens will work to maintain the integrity of the building, as it has tried to do with the rest of the Park Road Shopping Center since buying it in 2011.
“We have tried to be good stewards of Park Road and what it ultimately means to the overall community. Hopefully people appreciate what we’ve done up to this point,” Darnall said.
The movie theater’s lease is up at the end of the year. After the Observer reported its upcoming closure last week, dozens of movie-going fans have reached out to express their displeasure that Park Terrace is closing. An online petition to try to save the theater has gathered nearly 2,500 signatures.
It’s unclear why Park Terrace is closing before the holidays, often the busiest time of the year for movie theaters. A representative from Regal Entertainment Group, which operates Park Terrace, could not be reached for comment.