The Real Deal by Katherine Kallergis
Cinemex opened its first luxury movie theater in the United States at Brickell City Centre on Friday.
The Mexico City-based theater chain spent more than $15 million building out its Brickell location, Jaime Rionda, executive vice president of development, told The Real Deal. The 10-theater, nearly 36,000-square-foot anchor tenant is located at the west end of the shops at 701 South Miami Avenue.
Cinemex subsidiary CMX is spreading its wings throughout the East Coast and Chicago, but Miami is the first to open in the country. Rionda said the company has two concepts: market and VIP. The Brickell location is a VIP theater, and offers in-seat gourmet dining with waiter service, wine and cocktails, a lounge and bar areas. A Hallandale Beach location is also in the works.
Rionda said CMX signed a deal with Swire Properties during the summer of 2015 for a 10-year lease with options. No brokers were involved. Next up is a location at Old Orchard in Skokie, Illinois and at Triple Five Group’s Mall of America in Bloomington, Minnesota, which are set to open in October. CMX has 11 leases executed and plans to go up to 17 leases by the end of the year, Rionda said.
The company shifted its international expansion to the U.S. about two years ago. “It took us a while to find a big project to enter the U.S. with a bang,” Rionda said, citing Brickell’s location and access to the Latin market.
Swire, Whitman Family Development and Simon Property Group opened the shops in November. The theater joins other anchors like Saks Fifth Avenue and La Centrale, a three-story Italian food hall set to open later this year. Other tenants of the 500,000-square-foot mall include Apple, Cole Haan, Bath & Body Works, Luke’s Lobster, Pubbelly Sushi and Tacology. Zara and Mac Cosmetics are set to open this fall.
Overall, Brickell City Centre is a $1.05 billion, mixed-use development with residential, hotel and office components. Nearby development includes Brickell Heights, SLS Lux and a planned skyscraper called “18.”
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