Xscape Theatres owner adds Tennessee manufacturer to $200M portfolio
The Woodlands (Montgomery County) - Patoka Capital LLC of New Albany, Indiana is in the process of building two Xscape Movie Theaters in the Houston area, according to an announcement on its corporate website.
Invited general contractors have until August 1 to submit bids on the theater to be constructed at 26616 FM 1093 Road, Katy. This is Phase 2 of the Houston area projects; see VBX Project ID 2017-6706. The Katy project has a targeted construction start date of Sept. 15.
A theater planned for The Woodlands is about six weeks ahead of Katy on its construction schedule. Invited contractors had until Friday, July 14, to submit their bids on the Phase 1 theater project in The Woodlands; see VBX Project ID 2017-5DB4.
Patoka Capital, a private investment firm that has done various types of commercial development, has built Xscape Theaters in Indiana, Ohio, Kentucky, New Jersey and Florida. This will be its first venture in Texas.
The Woodlands location is at 16051 Old Conroe Magnolia Road. While the main access will be onto Old Conroe Magnolia, it will also have access to and from FM 1488, according to the site plan. The site is just north of the Del Webb Woodlands development.
The ground floor area footage for this entertainment facility is 51,968 square feet, according the documents prepared by Hodges Architecture of Dallas. The building will have roof heights of from 32 feet-6 inches to 34 feet-6 inches and a tower parapet of 48 feet-6 inches.
Patoka Capital is using a prototype design for its theaters. Each has an approximate cost of $15 million to build. The prototype model has 14 screens, of which two are designed to be "Extreme Screens" with 72-foot widths. The prototype has about 1,600 stadium-style seats, but The Woodlands and Katy theater projects will be smaller, using 12 screens and about 1,530 seats or less. It will have a lobby area of 2,780 gross square feet.
Xscape Theaters began with a corporate philosophy of building cost efficient theaters in underserved markets. Its first location was in Bedford, Indiana, a city of 13,768 residents.
The facilities which include large surface parking lots, more than 500 spaces each. The Woodlands project had an estimated completion of late 2017.