Regal Cinemas inked a 15-year lease to anchor the 65,000-square-foot base of a rental property in the Essex Crossing development planned for the Lower East Side.
L+M Development Partners, Taconic Investment Partners and BFC Partners secured their first retail tenant at the six-acre project. The 24-story, 315-foot-tall building at 115 Delancey Street is slated to house a 14-screen movie theater operated by the Regal Entertainment Group.
The developers plan to break ground on the project by the spring and wrap up construction by 2018.
Plans were filed in October for a 380,000-square-foot building at 115 Delancey Street, with at least a 165,777-square-foot residential component divided across 195 apartments, as reported. Handel Architects is serving as the architect. [Crain’s] — Mark Maurer