Micon Cinemas will no longer be coming to downtown Wausau. The city announced Friday that plans are unable to move forward.
Micon Cinemas has been in negotiations with Rialto Capital Management, the owners of the mall, for months. The movie theater company was supposed to take over the Sears building and begin construction in the spring. However, Micon and the mall owners were unable to agree on the project.
The three entities met Thursday afternoon behind closed doors to determine whether the movie theater project was going to move forward.
The city said in a press release Friday that they are disappointed in the outcome:
"An entertainment use, like a cinema, is a meaningful way to help reposition Wausau Center and add an important addition to Downtown Wausau. While I am disappointed that the current parties involved in this proposal were not able to move forward together, I am proud that we at City Hall fully explored this and worked very hard to make it work, if possible."
City leaders said there was overwhelming public support for a cinema. They said they will now move forward and look into alternative plans for the Sears building, which could include another request for proposal.
The city currently owns the Sears building. However, the mall has first right of refusal for the property. The city said they have negotiated the terms of decoupling the property from the mall's ground lease in hopes of allowing a faster decision on a future alternative.