BOS Awards Bid for Former Regal Cinemas to Movie Theater Co.
At the November 20, 2018 Westborough Board of Selectmen meeting, the BOS awarded the bid for 231 Turnpike Road (the former Regal Cinema property) to Walpole-based LAX Media LLC which operates Apple Cinemas: see https://www.applecinemas.com/
The property was appraised at $4.79M and LAX Media submitted the high bid of $5,005,005 – over $1M higher than the next highest bid (of 4 total bids). The plan is to maintain and renovate the theater at that location.
In summarizing the Board’s rationale for the bid, Chair Leigh Emery cited that it was the most economically advantageous bid for the town and that “it’s a business model that fits best in with our strategic planning…to keep our community a family friendly town with recreation activities available for all age groups in an affordable fashion.” The awarding is subject to entering into a satisfactory purchase and sale agreement. The closing is estimated to be within the next 60-90 days. The town must hold the money for 3 years in case a claim is made against the town by the owners. Watch the vote at the BOS meeting here.
(applecinemas.com website – they currently operate AppleCinemas locations in Cambridge, MA, Waterbury, CT and Barkhamsted, CT)