Edhat Staff
In a recent development, the City of Santa Barbara looks to be exploring the possibility of leasing the Fiesta 5 Theatre to the Santa Barbara International Film Festival. The current leaseholder, Metropolitan Theatres Corporation, has encountered financial struggles, filing for Chapter 11 bankruptcy in March and falling behind on rent.
The lease between the city and Metropolitan Theatres Corporation is set to expire on September 30, prompting the city to engage in negotiations with the Santa Barbara International Film Festival (SBIFF) as a potential new tenant for the theater. The Fiesta 5 Theatre is located at 916 State Street and adjacent to City Parking Lot 9.
Metropolitan Theatres Corporation’s bankruptcy filing cites a total rent obligation of approximately $313,882 to various landlords. The company, which pays an annual rent of approximately $2.6 million for its theater properties, aims to streamline its operations and seek relief for some of its debt through renegotiated or shed leases.
Metropolitan Theatres Corporation also operates the Arlington Theatre, Metro 4, Paseo Nuevo Cinemas, and Hitchcock Cinema & Public House in Santa Barbara, as well as Camino Real Cinemas and Fairview Theatre in Goleta. The only theatres in Santa Barbara that are not operated by Metro is The Riviera theatre, which is owned by SBIFF, and Ensemble Theatre’s New Vic.
In total, Metropolitan Theatres Corporation operates 16 theaters and 87 screens across California, Colorado, and Utah.
Representatives from SBlFF met with city representatives Tuesday morning in a closed-door meeting to discuss terms of a potential lease agreement.
The film festival, which is renowned for showcasing a wide range of cinematic offerings and attracting film enthusiasts from around the globe, uses several downtown theatres during its annual 10-day celebration.
The final outcome of the negotiations remains to be seen, but the discussions between the city and the Santa Barbara International Film Festival present a promising prospect for both parties.
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