According to the CBC, the Ridge Theatre (and the adjacent Varsity Bowling Alley) at Arbutus Street and West 16th Avenue will be demolished by the Cressey Development Group in the next 6-12 months.
Cressey intends to build a mixed use development on the property with ground floor retail and concrete condominiums above. The real estate developer plans to file an application to the City in the next few weeks and is aiming for construction within a year.
Cressey Vice President Hani Lammam told the CBC that “a theatre is not in the future for the area”. “The Ridge Theatre as it stands right now is not doing well from a profitability perspective, so it’s a difficult situation, but they’re uneconomical,” he said.
President of Festival Cinemas Leonard Schein says the Ridge Theatre will continue showing movies until construction begins.
Last modified: March 12, 2012