MONTCLAIR, N.J., July 22, 2015 /PRNewswire/ -- The Pinnacle
Companies, along with its institutional investor, a global
commercial property company that owns, operates and invests in
best-in-class assets, announced today that the firms have
collaborated to purchase the Wellmont Theater in Montclair, NJ. The team has closed the theater
and is currently investing significant dollars to renovate and
upgrade the iconic property, originally built in 1922, into a
world-class live entertainment venue.
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"The Wellmont Theater is a tremendous asset for the Township of
Montclair, and we are thrilled to
bring it up to its full potential as a regional attraction," said
Brian M. Stolar, president and CEO,
The Pinnacle Companies.
Live Nation Entertainment, the largest concert promoter in the
world, will program and manage an expanded lineup of performances
and programming when the theater re-opens in September.
"We're planning to offer more shows and a greater variety of
live entertainment options at the Wellmont than before – with a mix
of small, medium and large performances," said Sean Striegel, regional senior vice president,
music for Live Nation Entertainment.
A music-themed restaurant and bar will be located in the former
Xocolatz restaurant space adjacent to the theater, offering food
and drink options for patrons. The restaurant will be connected to
the lobby of the theater, as originally designed in
1922.
The team is also pursuing the acquisition of the former Social
Security building adjacent to the Wellmont Theater on Bloomfield
Avenue in order to support the future, long-term success of the
theater in particular and the arts district overall.
Wellmont Theater History
The Wellmont Theater, located
at 5 Seymour St., off Bloomfield Avenue in Montclair, NJ, was built in 1922 as a live
theater and converted to a motion picture theater in 1929.
The original entrance was at 400 Bloomfield Avenue. In the 1930's,
Thomas Edison, inventor of motion
pictures, attended movies at the Wellmont. In the 1970's, the
theater was tri-plexed and the entry was moved to Seymour Street,
while the original lobby was converted to a restaurant. The
Wellmont closed in 2006 and reopened in 2008 as a concert venue,
with capacity for 2,700 (1,600 for seated shows), making it the
largest theater venue in the area.
About The Pinnacle Companies
A privately held regional
real estate development firm, The Pinnacle Companies is based in
Montclair, NJ, where the firm
worked with the Township of Montclair to create the Montclair Center
Gateway Redevelopment Plan (known as CentroVerde), which includes
The MC hotel and the mixed-use Valley & Bloom project.
Pinnacle also developed The Siena mixed-use building on the site of
the former Hahne & Co. department store in Montclair. Other notable Pinnacle projects in
New Jersey include Maxwell Place, a 1,500,000 square foot mixed-use
project on the site of the former Maxwell House coffee factory in
Hoboken, developed as a joint
venture with Toll Brothers, and Crystal
Pointe in Jersey City, a
41-story, 269-unit luxury condominium tower in a joint venture with
Fisher Development.
www.pinnaclecompanies.net @ThePinnacleCo
About Live Nation Entertainment
Live Nation
Entertainment (NYSE: LYV) is the world's leading live
entertainment company comprised of global market leaders:
Ticketmaster, Live Nation Concerts, Live Nation Media &
Sponsorship and Artist Nation Management. For additional
information, visit www.livenationentertainment.com.
Contact:
April Nichols
646-586-9931
april@violetpr.com
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SOURCE The Pinnacle Companies