FREDERICK, Md. — Warehouse Cinemas will be the first tenant for the newly named District 40, the formerly vacant Frederick Towne Mall, according to Faraz Cheema, a commercial real estate specialist affiliated with Coldwell Banker Commercial NRT.
“We are excited to begin construction on Warehouse Cinemas at District 40 later this year,” Rich Daughtridge, President and CEO of Warehouse Cinemas, said in a news release. “Our analysis predicts over 400,000 guests each year, resulting in valuable foot traffic and a positive impact on neighboring businesses at the center and the area as a whole.”
Warehouse Cinemas signed a lease for 39,000 square feet and is renovating the space to feature SkyVUE, with premium sound, leather recliner seating, a quick-serve restaurant and beer, wine and liquor.
Frederick Towne Mall was shuttered in 2013, according to a Coldwell Baker news release.
The one-story building, built in 1972, is off U.S. 40. The property consists of approximately 580,063 square feet on 37.35 acres of land. Pad sites will be available for ground lease in the later development phase of District 40, estimated date in 2020.
The property has been reimagined as a premier entertainment center that will bolster the lifestyle offerings of Frederick.
“This leasing is a great sign that the Golden Mile Corridor’s continued strong draw for business investment and growth,” Cheema said in the news release. “Warehouse Cinemas’ arrival to District 40 speaks to its future as an entertainment destination in Frederick, and the revitalization of former retail centers being seen nationwide.”
Frederick Mayor Michael O’Connor said he is confident Warehouse Cinema “will play a major role” in drawing traffic to the area
“Frederick’s Golden Mile is a critical retail corridor for our citizens, and we are excited to see Warehouse Cinema moving forward with its plans to open a destination cinema experience at District 40,” he said in the news release.
“The Golden Mile is a top retail destination corridor with over 50,000 vehicle trips daily and 117,000 people living within five miles of the corridor with average household incomes of $103,000 annually,” Richard Griffin, Frederick’s director of economic development, said in the release. “The city has prioritized efforts to promote the Golden Mile as a state and locally designated Enterprise zone, and we are thrilled to see this type of investment occurring. With business investment like Warehouse Cinema and continued public support, the city remains confident that the Golden Mile will continue to thrive in the future.”
District 40 is being marketed and leased by the Coldwell Banker Commercial affiliated agents Faraz Cheema, Danielle Balkin and Karl Lataillade.
“Faraz, Danielle and Karl are exceptional negotiators when dealing with clients, and Warehouse Cinemas will be a fantastic addition to District 40’s retail center,” said Duff Rubin, president of Coldwell Banker Commercial in the Mid-Atlantic. “This lease deal is indicative of how owners and investors are eyeing new uses for former retail centers to draw consumers.”