During our last high rise and loft condo tour of Tempe Town Lake and Mill Avenue, several tour attendees asked about the status of the DMB redevelopment of Centerpoint on Mill, the retail, office, restaurant and movie cinema mall on the northwest corner of Mill Avenue and University Drive.
DMB, developers of DC Ranch, Verrado, One Scottsdale and other wonderful communities owns Centerpoint on Mill. The original intention was to immediatley begin a massive redevelopment that would include replacing the existing office building with a taller one, tearing down the single story shops facing Mill in order to build multi-story story buildings with shops on the ground floor and residential condominiums above, more shops in front of what was Harkins movie theater, and a 20 story hotel to be built where the theater now stands.
While DMB was slowly emptying the site of retailers etc (not renewing leases) the real estate market slowed significantly thus causing DMB to postpone the plans. It began leasing up the vacant spaces to new shop owners etc and slowly the site has come back to life (albeit much less vibrant than it had been). Completion of Centerpoint on Mill is now projected to take about ten years.
Many people were sorry to see the movie theater go and asked if another will be built to replace it. The answer, at least for now, is no. The eleven theater complex had seen plummeting attendance due to competing theaters at Arizona Mills and the new one opened at Tempe Marketplace making the the Mill Avenue theater unprofitable and thereby not viable. I believe this answer. My wife and I never had a problem catching a movie there and it always seemed to be no more than 25% occupied at best. I wondered how long it would survive although I did not understand why it was not more popular.