Bankruptcies stymie development. Chapter 11 filings by several theater chain operators are having a ripple effect on developments that include theaters. In one such case, plans for the Queensway Bay redevelopment project in Long Beach, Calif., were put on hold after two major theater chains considered anchor tenants had to drop out or face questions about financial viability because they are in bankruptcy proceedings. Some development deals permit stores to pull out of a project if a planned theater is not built. Newer theaters with amenities such as stadium-style seating are reportedly doing well, but operators of older facilities are having difficulty extricating themselves from leases.
Workloads steady for architects
Design firms finished up the summer with steady workloads, says the AIA in its September On The Boards report. Nearly as many firms reported a decrease in billings in August as reported gains, and the month's billings were also steady from the same period in 1999. Regionally, there continues to be a mild resurgence among Midwestern firms, while companies in the Northeast reported a slower business climate.