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The Galaxy Theatres and Colony square have been the heart of the Atascadero downtown area for many years.
But since the pandemic hit, the theater, restaurants and other businesses were forced to limit service or shut down.
Because of this, the theater has not been able to pay the rent to Cinema Square, which owns the property and leases space to the Galaxy Theatres, Que Pasa Mexican restaurant and Slo-Do-Co.
Cinema Square property owner Jeff Nelson has been unable to pay his mortgage and could potentially face foreclosure by a group of lenders.
Nelson said he’s been caught in a difficult situation.
Galaxy Theatre property in Atascadero facing foreclosure
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and last updated 2021-02-26 00:49:05-05
A retail center in Atascadero which includes the Galaxy Theatre is in danger of foreclosure.
A lending group from New York has initiated a foreclosure on the Colony Square Property located on El Camino Real. The City of Atascadero has since adopted a resolution emphasizing the importance of these businesses in the community.
Movie theaters have been hit especially hard by COVID-19 restrictions that have made it impossible for some to pay rent. The property owners in turn have also struggled to keep up with mortgage payments.
During its Feb. 23 meeting, the Atascadero City Council acknowledged COVID-19 s significant impact on the Colony Square business center and vowed to help delay the property s possible foreclosure. Cinema Square LLC leases commercial property within Colony Square to Galaxy Theatres Atascadero, Ques Pasa! Mexican Cafe, and SloDoCo. Due to stay-at-home orders, the businesses underwent temporary closures, changes in operations, and revenue loss, so many haven t been able to afford their monthly rent payments. Galaxy Theatres has been closed since the onset of the pandemic in March 2020, except for three days. click to enlarge Photo Courtesy Of Galaxy Theatre Atascadero Facebook Page
Lady of Guadalupe Film Gets US Theatrical Release to Coincide with Symbolic Holiday
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( Vision ) announces the US theatrical release of
Lady of Guadalupe. From Director Pedro Brenner and Executive Producer Robert Hymers and Pinnacle Entertainment, the feature-length film depicts the revered religious and cultural icon and is the first modern production of her story. It will open in American Cinemas in Houston and Ft. Worth, TX and in Galaxy Theatres in North Las Vegas, NV and The Colony, TX beginning today, Friday, December 11. The opportune timing coincides with the annual Feast of Our Lady of Guadalupe, traditionally celebrated on December 12.