By Anca Gagiuc, Associate Editor
Southwest Albuquerque has broken ground on a 12-screen movie theater at the new Las Estancias, a 79-acre development near Rio Bravo and Coors. This project represents the first time in over five decades that South Valley is getting the chance for a night out at the movies.
Las Estancias is a $70 million, 550,000-sq.-ft. retail development with a health-care facility. NAI Maestas & Ward’s Steve Maestas, has owned the land with developer Mike Mechenbier for several years. They are also the developers of Las Estancias. The closest multiplex to the development area is Cinemark 14, located in the heart of Downtown.
The force behind the construction of the theater is Carmike Cinemas, with 276 cinemas in 41 states. The South Valley multiplex will total 47,000 square feet; it will include 12 screens, an IMAX-branded large format theater, and 2,500 seats. The estimated cost for the development is $12 million.
Officials hope to hire about 150 people, and Maestas said the theater should serve as a magnet. Finalization of the theater development is scheduled for the end of 2015. Among the current tenants are Dion’s nursing facility, McDonald’s, Planet Fitness, and New Mexico Bank & Trust. Maestas brokers Keith Meyer and Clayton King serve as leasing agents for the Las Estancias.
Photo courtesy of Bernalillo County.