Krikorian says theater 'likely delayed until summer 2021'

Construction on the Krikorian Theater and Entertainment Complex, seen here a few weeks ago, has stopped. Photo courtesy of City of Menife...

Construction on the Krikorian Theater and Entertainment Complex, seen here a few weeks ago, has stopped.
Photo courtesy of City of Menifee

Add the Krikorian Theater and Entertainment Complex to the list of projects that are delayed because of the COVID-19 pandemic.

In a City of Menifee news release regarding the impact of COVID-19 on the local economy, company owner George Krikorian is quoted as saying that cancelled and/or frozen construction lending has resulted in a stoppage of work on the project – just the latest in a series of delays for the complex, which is arguably the most eagerly awaited commercial project since Menifee’s incorporation almost 12 years ago.

Referring to the reluctance of banks and lenders to complete funding during this uncertain economy, Krikorian said the project is “now likely to be delayed until summer 2021.” Recently after construction efforts ramped up at the Menifee Town Center site on Newport Road, city officials said Krikorian was hopeful of opening by the 2020 holiday season.

“Due to a shutdown of movie theaters, restaurants and other social entertainment facilities, banks and lenders are reluctant to provide financial support worldwide,” Krikorian said, indicating that even loans already approved were subject to cancellation and delays. “Additionally, movie studios have already begun to reschedule this year’s film slate into 2021, making it even more economically difficult for these type of businesses [across the United States].”

The news release refers to comments by Krikorian that the scarcity of banks and lenders amid the global economic crisis due to COVID-19 has left many already approved projects looking for additional lending.

“The one thing we do know, is that when we do open the doors to open after the pandemic is deemed cleared, there will be a tremendous pent-up demand for entertainment, as Menifee’s market already had a very strong demand,” Krikorian said.

That isn’t expected to give much comfort to residents, who already are anxious about the long quarantine, restrictions on social contact and lack of recreational opportunities. The Krikorian complex is scheduled to include a 14-screen theater, bowling alley, outdoor bar, sports bar, arcade and more.

Krikorian said he is working on new funding options to get the project moving again as soon as possible.

Todd Cummings, president of Krikorian Theaters, addressed Menifee residents in a statement included in the City of Menifee’s news release.

“I just wanted to thank the Menifee community for being supportive, positive, and encouraging through the construction so far,” Cumming said. “I know many will be disappointed, but we are doing all we can in the unprecedented times, and we aren’t alone in this global market issue, as the pandemic has dissolved many sought-after projects, but we are lucky enough to be able to weather this storm.”

According to the City news release, the Fairfield Inn and Suites hotel – a project under construction a short distance from the Krikorian project in the Menifee Town Center – also has experienced delays. A spokesperson said, however, that despite delays in getting supplies and materials and in workforce needs, work on the project continues.

“We are pushing ahead, and crews have been working through these delays, and hope to wrap up the project soon,” said Hiral Patel, Sagemont Hotels President. “We are even more hopeful that the economy opens up soon, thereby allowing us to complete the project, and be able to open up to new visitors, events, and weddings.”

Residential builders continue to move forward with projects, according to city officials.

“We are very fortunate to also be in Menifee selling forever homes to new residents, and growing families, as Menifee is a hot market regardless of the pandemic,” said Adrian Peters, Vice President for Planning and Development at Brookfield Properties. “We are grateful to the City staff in Menifee for keeping development moving, and for connecting with us regularly to ensure we have the tools we need to keep things moving.”

Teofilo Hamui, a Menifee property owner and developer, said adjustments made by city officials in continuing with the permit and development process have been a major factor.

“We are very fortunate to have such a great team here in Menifee for development needs,” said Hamui. “Menifee’s team always make themselves accessible, and available, and my other projects in other cities aren’t as well organized and accommodating to keep projects moving through COVID-19. So thank you to the Menifee City Council and City Manager [Armando] Villa for understanding the priorities of stakeholders.”

City officials refer residents with questions to the City’s service line, 951-672-9673, or by email at econdev@cityofmenifee.us.


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