The Carnival Cinemas building, where central Albertans go for an affordable night at the movies, is up for sale.
But don’t worry – the theater is currently looking to move.
“The goal now is to relocate,” owner Bill Ramji said. A possible new location has not yet been announced.
“Carnivals are not closing. Carnival has been around for so many years. We have served the community well and the community has supported us well.
“We are a destination. Wherever we go, people will want to come.”
A for sale sign has been posted by real estate company Colliers International at the building, located at 5402 47th St., which also houses the Ctrl V virtual reality arcade.
“We have been truly grateful to the community for supporting us and want to continue to do so, however, it is time to make a strategic move and see a higher and better use of the Carnival Cinema property.”
Ramji said the theater industry took a big hit during the COVID-19 pandemic, and that’s when he decided to sell the building. Capstone development and the upcoming $1.8 billion hospital expansion project also opened up many options for the site.
Zoning for the site allows for a variety of uses, including restaurants, grocery stores, mixed-use commercial/office with residential, health and medical services, multi-family, hotels and more.
The 2.32 hectare site has room for further development, and the paved parking lot has space for 195 vehicles. A redevelopment plan by Colliers proposes to make the building two storeys.
Blair McArthur, senior sales associate with Colliers, said the iconic location is on Taylor Drive, one of the city’s main thoroughfares that is attracting the attention of businesses looking for high-traffic areas. It is also close to Red Deer Regional Hospital Center making it well positioned for medical services.
He said there has been an increase in business activity in Red Deer, especially when it comes to commercial, retail and office development.
“Coming out of COVID, we’re definitely seeing some positive momentum in our market, especially in Red Deer,” McArthur said.
Ramji said the Ctrl V virtual reality arcade is a separate entity but part of the Carnival, so it will be moving at the same time as the Carnival.
He said it’s just a matter of finding the right buyer for the movie theater building his company built and opened in May 1996, renovated in 2010 and now sits at the gateway to Capstone.
“It’s a well-established place in Taylor and a lot of people have known Carnival for all the years it’s been open. In fact, people use carnival cinemas as a direction.”
He said whoever buys the site could be a catalyst and driver for the densification of Capstone, opening up other opportunities for developers looking at the rest of the Capstone area.
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