It will be called CineBowl & Grille and will include an arcade, bowling alley, bar and restaurant, according the plans announced today.
The owners hope the cinema will help invigorate the luxury retail complex that has been a source of disappointment for some merchants and area residents. The center opened on South Main Street at the onset of the recession in late 2008 and has been unable to fill shops or lure substantial retail foot traffic.
Wells Fargo, which lent money to the project developer, took ownership of the property in a type of transaction normally associated with a foreclosure-like event in November 2010.
In June 2012, a group of VT alums bought the property through a newly formed company, Blacksburg APF Partners, for nearly $11.8 million, according to Montgomery County real estate records. At the time, the group said its goals were to “stabilize” the center and complete its construction according to original plans. Part of the 24-acre parcel remains vacant.
The First & Main shopping center in Blacksburg will be expanded to include a 12-screen cinema with IMAX technology, under plans revealed this morning by a group of Virginia Tech alums who bought the center about six months ago.