Main Street Theaters, the parent company of The Promenade Cinema in Sioux City announces that it has recently signed a new multi-year lease for the current location of the Promenade Cinema in Sioux City. The new lease, signed in September, will continue for the next 15 years and will afford the opportunity for The Promenade Cinema to continue to provide the highest quality movie viewing experience for the people of Siouxland at its current location in Downtown Sioux City.
Recent issues regarding a conflict between California based Civic Partners, owners of the 4th Street Retail Complex where Main Street Theaters leases space, First National Bank of Sioux City and the City of Sioux City has caused a significant amount of confusion for Sioux City customers.
Bill Barstow, President of Main Street Theaters confirmed, “We would like to state unequivocally that the Promenade Cinema 14 has a valid long term lease in the 4th Street Retail Complex and assurances have been provided from all parties involved that whatever the resolution of the dispute between those entities the lease will be honored in its entirety.”
First National Bank of Sioux City is the mortgage holder on the property. “Whatever may be the resolution of the issues between the bank and Civic Partners it will not affect the theatre’s lease status.” Added Ron Adams, speaking for First National Bank of Sioux City.
The Promenade Cinema 14 has been a driving force in bringing a significant number of customers into the 4th Street Historic District each and every year since its opening in November of 2004. Barstow acknowledged, “The Promenade Cinema draws well in excess of 300,000 visitors each year and passed the 1.5 million mark earlier this year. Industry statistics show that the theatre also commands a dominating market share of 65-70% each and every week.”
Barstow added, “In addition to providing the Siouxland area with the finest in customer amenities including stadium seating, expanded concession selections, Digital projection with Dolby 3D technology and a host of others, Main Street Theatres and the Promenade Cinema 14 also takes seriously its role as a community asset.”
