Pessimistic or pragmatic?
What happens to the theater at Towson Circle III when it closes for good?
It’s true, ground hasn’t even been broken on the Heritage-Cordish project that includes a county-subsidized and county-operated parking garage, but members of the Baltimore County Revenue Authority board are thinking of the future.
Under the agreement with the authority, Heritage can convert the space so long as it meets zoning requirements and generates at least 70 percent of the parking the theater would have, George Hale told the board in response to a question asked by Hannan Sibel.
The agreement prevents Heritage or a future owner from converting the theater into operations that would be less profitable for the garage, such as a self-storage business.
“As a practical matter, what we all know is that the theater ultimately will close,”Donald Hutchinson said during the board’s Sept. 25 meeting.
Hale and others agreed.
“A lot of them don’t make it as long as they think they are going to make it,” Sibel said.
“On the other hand, they are a pretty good anchor for an investment property,” Hutchinson said.
Heritage was in discussions with up to three theater operators. That number is now down to one. The term of the lease could be 10 to 20 years, Hale told the board.
“And the length of our relationship with Heritage is?” Hutchinson asked.
“Kind of perpetual,” Hale replied.
“It’s like a marriage, only we can’t get a divorce,” Pittler added.