Does anyone have any information on the status of the old Showcase Cinemas?  I have heard that there have been several inquiries by a church, Sullivan University, and other potential buyers.  I've also heard that the sellers have stipulated that whoever purchases the property CANNOT operate a theater there.  That strikes me as ridiculous.  The building that's currently there can pretty much ONLY support a theater, so you're essentially forcing the buyer to demolish the building and build new, driving up the price drastically I have to believe.

Commercial Real Estate values are not dictated by the dwelling on them.  There is what is called "Higest and Best Use". 

The fact is, the property is way too valuable to use as a Theatre anyway.  Actually the property would be more valuable if there was nothing on it at all. 

The reason it is not sold has more to do with ineffective marketiing and external market forces like the downturn in the finacial and real estate market.