The City of St. Michael announced Thursday via its Facebook site that CRS and a yet-to-be-named investor have come to terms with the bank representing the former CineMagic Theater site in St. Michael.
The building, which has been vacant since it shut down in 2011, has been the subject of various offers and ideas over the past four years.
Located on 10 acres, the former 15-screen complex was listed at just over $2 million. An undeveloped pad at 4300 O’Day Avenue, in front of the old CineMagic “Metropolitan” 15 is listed as for sale as “St. Michael Theater Pad Site” at the Upland Commercial Brokerage Commercial Realty Solutions website, with a sale price of $795,000.
In contrast, the original project, which was part of a City of St. Michael TIF package, was more than $5 million.
The Cinema Treasures website offers these details about the theater itself:
Opened by CineMagic Theaters in 2007, this theater features a lobby inspired by a Parisian street scene, including a replica of the Moulin Rouge. At its opening, the theater included an IMAX screen, [later] replaced by one of the chain’s SXHD screens.
A deal with CRS to replace the theater with a small retail complex in May 2012 fell through.
City staff said development plans will be coming to the city’s planning commission and council soon, and would have more details as the project moves through the government process.
Note: This article has been updated to clarify sale price of the theater and a yet unsold pad in front of the complex.