Raytheon still uses a warehouse on the property, he said. But Knight said building a vibrant area in the city's core would require public participation. The project is significantly smaller than a previous theater proposal from a California company, Civic Partners. That plan called for a cinema with as many as 16 screens. The city began working with the local developers because the Civic Partners proposal was too costly.
City officials consider a theater a vital piece of downtown redevelopment.
Burk, a developer of the Old Town entertainment district, has been working for a long time to bring in a cinema. He hopes the new theater in Old Town will be open within 18 months. The project is planned for an area bounded by Second Street on the south, Third Street on the north, the railroad tracks on the west and Rock Island Avenue on the east. It would cover about seven acres, Burk said. As businesses in the district opened, the new property tax revenue they would generate would be channeled to the city.