The curtain came down on the Regal Cinema at Coconut Point Mall more than three years ago. Now, the mall’s owner wants the building to come down as well.
Simon Property Group, which owns Coconut Point, is scheduled to make a presentation Jan. 13 to the Estero Planning, Zoning & Design Board outlining plans to redevelop the former theater site.
The mall owner is seeking an amendment to its Development of Regional Impact to allow up to 365 multifamily residential units on the property where the theater now sits. According to the request, the change would not increase the number of peak-hour trips previously approved under the DRI.
Simon, Bowman, MSA Architects and Waypoint Residential are listed as the project team. Waypoint describes itself as an owner and operator of conventional multifamily properties across the U.S. Sun Belt. Its Southwest Florida portfolio includes Courtyards at Estero, Point at Naples, Pointe at Pine Island in Cape Coral and Toledo Club in North Port.
Plans show redevelopment of the site from Cinema Way on the west to Via Coconut on the east. The proposal includes two five-story residential buildings, one four-story building and a five-story parking garage.
Regal Cinema closed in November 2022. Large movie theaters are often difficult to repurpose because of their size and specialized design. While some have been converted into churches or event venues, in many cases the underlying land is more valuable than the theater itself.