The landscape of moviegoing in Atlanta is changing as Regal Cinemas Hollywood 24, a long-standing fixture since 1999, is set to close its doors in October. The more than 37-acre property the theater sits on is up for sale through CBRE, as reported by FOX 5 Atlanta. Its impending shutdown comes just ahead of the holiday season, a traditional high point for movie theaters with major releases on the horizon.
Opening its doors on May 19, 1999 with the premiere of "Star Wars: Episode I - The Phantom Menace," the theater complex has been a staple in the Atlanta area for 25 years. The theater notably replaced the North 85 Twin Drive-In, a site which had previously provided cinematic experiences under the stars. According to a report from Tomorrow's News Today (ToNeTo Atlanta), the complex's amenities include a 100,488 square foot two-story building with 5,135 seats and 1,310 parking spaces.
Despite the rich history and impressive amenities, cinematic giants like Regal have been combating the ever-evolving viewing habits of the public, especially in the wake of the pandemic which left permanent alterations in entertainment consumption. The property's desirability stems from its prime location near major highways and its potential for redevelopment into various commercial or potentially industrial projects. The CBRE listing highlights possibilities for multi-family residential developments or lower-intensity commercial usage given its "Regional Center" designation and "Edge 1" zoning stipulations.
The City of Chamblee is reportedly interested in annexing the property along with other commercial parcels, presenting an expanded potential for strategic urban development. Real estate sources cited by ToNeTo Atlanta suggest the property could fetch around $30 million, a substantial increase from its 2001 purchase price of approximately $4.33 million by Realty Income Corporation. Surprisingly, the listing does not include the potential impact of Phase 4 of the Peachtree Creek Greenway which is expected to run along the rear of the property.
After the closure of Hollywood 24, Regal will continue to operate 13 theaters throughout metro Atlanta. This follows a recent pattern of closures including Regal Town Center Stadium 16, Tara Theatre, and Regal Stadium 22 at Austell. These shutdowns reflect a shift away from the once dominant mega-theater model, with smaller and more diversified cinema experiences gaining traction. Yet, Regal maintains a presence with notable locations such as Regal Mall of Georgia 20 & IMAX, and Regal Atlantic Station 16 & IMAX offering modern cinema experiences in the area.
