Entertainment complex headed to Coweta

Thu, 08/14/2008 - 3:38pm
By: The Citizen

The first tenant of Newnan Village Crossing is the American Theater Corporation, which will build an extensive state-of-the art entertainment complex including six cinemas, a 500-seat outdoor amphitheatre, and a wine bar music cabaret.

Newnan Village Crossing is a $150 million multi-use development on a 125-acre tract in the business heart of Coweta County at the intersection of I-85 and Ga. Highway 34. It is a joint venture partnership of two experienced Atlanta-based development firms – Diplomat Companies and Kennedy Capital Group, LLC. “This commitment by one of the leisure industry’s leading companies, especially in the current economic environment, is confirmation of two important facts – first, our project is located in a prime location and second, the Newnan area is on track for long-term growth and prosperity” said Mike Patel, president of Diplomat Companies.

Plans for Newnan Village Crossing, which are subject to approval by the city of Newnan, call for about one million square feet of new construction, notably three hotels, numerous restaurants, medical office, an assisted residence facility, and retail stores – all set in a pedestrian-friendly environment of green space and walking paths.

Clearing and grading of the project’s first 50 acres began in May, with construction of the first hotel expected to begin by the end of this year.

“We did extensive research throughout the region and selected this site because it combines the exact factors our business needs for success – easy accessability, high visibility, and strong financial stability,” explained Robin Mauney, vice president of marketing for American Theater Corporation, which is based in Nevada and operates 25 movie theatres in 15 states.

“There’s simply no better hub location in the county – that’s why we jumped on the opportunity to be part of such an ambitious and energetic project, which we’re confident will add value to the community for many years to come.”

The entertainment complex planned by American Theater Corporation and financed by High Trust Bank in Stockbridge will consist of three distinct and dynamic elements:

• Six theatres, each of which features a 50-foot screens, seating for 250 people, and a complete digital surround-sound system, added Mauney.

• An open-air music amphitheatre that seats 500 people and features side tables for dining, digital surround sound, 45-foot screen, and waitress service.

• An intimate indoor music venue and wine bar that seats 100 people for performances by local artists.

According to Patel, Newnan Village Crossing is being created as a lifestyle development – a master-planned community of buildings that are carefully designed to work together, while blending into their natural setting. Construction will begin by the end of 2008, with the first buildings scheduled for occupancy within a year.

“Newnan Village Crossing is a project that’s here and now – and continues the momentum of Coweta County,” added Patel.

Both Diplomat Companies and Kennedy Capital Group have considerable real estate development experience throughout metro Atlanta.

For example, Kennedy Capital Group is currently working on a proposed 250-room luxury hotel which will be adjacent to world famous Music Row in Nashville and a 220 unit upscale apartment complex on 19 acres in Gulfport, Mississippi, plus the company is a partner in several residential projects in Atlanta’s prestigious Buckhead neighborhood.

Diplomat Companies has developed high-profile commercial buildings, such as 218 Peachtree and The Carnegie Building in downtown Atlanta; mixed-use projects such as the Airport Gateway Center on Virginia Avenue near the airport; condominiums such as Hillside at Lenox in Buckhead; and office buildings such as the Horizon Center on Sugarloaf Parkway.

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