Tower Theatres at Arizona Pavilions in Marana, the region’s only locally owned first-run movie theaters, has been given notice of foreclosure.
According to the notice of trustee’s sale, the theater’s owner, Linda Vista Cinemas LLC, has failed to make payments on a $5.3 million loan issued in October 2006 by Bank of Arizona in Phoenix.
Kent Edwards, managing partner for the group that owns the 12-screen theater, said the complex will remain open through the auction process.
The $11.8 million theater opened in December 2007 at 8031 N. Business Park Drive, off Cortaro Road west of Interstate 10.
The theater complex boasted having state-of-the art projection and sound equipment. Two of its theaters feature digital projectors and the other 10 theaters are digital-ready. The facility has ticket kiosks and stadium style line-of-sight viewing. Every seat is a rocker/loveseat unit.
According to public records, the theater’s owners are Kent, and Daniel and Linda Cutler.
They also own Grand Cinemas LLC, which operates two, six-screen second-run theaters: Crossroads 6 Grand Cinemas, 4811 E. Grant Road in Crossroads Festival, and Oracle View, 4690 N. Oracle Road, on the fourth floor of the vacant former American Home Furnishings complex.
That company was incorporated in 1998.
The Tower Theatres foreclosure notice was filed Feb. 17, the same day notices also were filed on two other properties listed as being owned by the Cutlers, a residential parcel near North Thornydale and West Overton roads, and on Cutler Fire Protection, 505 W. Lester St.
The auction is scheduled for 10 a.m. May 26 at the law offices of Fennemore Craig, 1 S. Church Ave., Suite 1000.