General Growth Properties Inc. (NYSE: GGP) announced Wednesday that AMC Theatres has signed a letter of intent to build a 12-screen movie theater at Otay Ranch Town Center in Chula Vista. The theater is scheduled to open its doors in fall 2006, according to a General Growth Properties press release.
Under the proposed plans, the theater would be 52,000 square feet large and seat more than 2,200 people. The 12-plex will feature digital surround sound, an automated box office and love-seat style seating, the company said.
Otay Ranch Town Center is an 86-acre retail, dining, entertainment and recreation development. The 860,000-square-foot project includes a two-level open-air shopping center featuring a streetscape design; six sit-down restaurants; a recreation venue and a gourmet grocer.
GGP was up 28 cents, or 0.69 percent, to $40.93 in midday trading.