COLLEYVILLE -- The IMAX theater complex that closed Jan. 18 is scheduled to reopen in mid-August, an executive with a management group said Friday.
Schulman Partners has struck a deal to operate the former Metro Cinema theater and may eventually buy it from Charles Hodges Architectural Engineering, which owns the property, said Mark Schulman, president of Schulman Partners. Schulman operates other theaters in Texas.
The theater closed after the previous operator, MC Colleyville, filed for bankruptcy. The property has been valued at $8.5 million.
Schulman said the theater, to be called Colleyville Cinema Grill and IMAX Theater, will have multiple screens, an IMAX theater and a restaurant, similar to the previous complex.
Mayor David Kelly called the theater's reopening a relief.
"Retail establishments around there saw a downturn with the loss of patrons," he said.