Mayor Rudolph W. Giuliani and Earvin "Magic" Johnson today announced that Magic Johnson Theatres and Plaza Construction Corporation have been designated to revitalize and operate the historic Loews Kings Theater in Flatbush, Brooklyn. Also on hand for the announcement were City Council Member Una Clarke, Deputy Mayor for Economic Development, Planning and Administration Randy L. Levine, New York City Economic Development Corporation President Charles Millard and Plaza Construction Corporation Chairman and Chief Executive Officer Steven Fisher.

The team of Magic Johnson Theatres, Plaza Construction Corporation and Fox and Fowle Architects will transform the Loews Kings Theater into a 12- screen movie theater complex. The plan also calls for the restoration of the facade of the existing building and elements of the interior. Construction is expected to begin this summer, and will take approximately a year and a half to complete.

"The renovation of the Loews Kings Theater by Magic Johnson Theatres will be a slam-dunk for the Flatbush community," said Mayor Giuliani. "This project will bring a top-notch national entertainment enterprise to the Flatbush community and breath new economic life into one of our City's oldest and proudest neighborhoods. While this theater will provide a superb entertainment outlet in a traditionally under-served area, it will also create 100 new jobs for the community and will contribute to the continued revitalization of Brooklyn. I would like to congratulate and thank Magic and the entire project team for their commitment to this very important project."

The City will sign a long-term lease to redevelop the 70-year-old theater, located on Flatbush Avenue between Tilden Avenue and Duryea Place. The new theater is expected to create 100 full and part time jobs, in addition to 175 construction jobs.

"We look forward to the opportunity to bring Magic Johnson Theatres to Brooklyn," said Mr. Johnson. "This has been a perfect vehicle for me to participate actively in providing quality family entertainment to neighborhoods previously underscreened, while helping to revitalize those areas and investing in the neighborhoods where we are located. Once completed, this theater at the Loews Kings site will be a magnificent addition to our growing circuit. I would like to acknowledge and thank Mayor Giuliani, Governor Pataki, Councilwoman Una Clarke and everyone from EDC for all their help in making this a reality."

Magic Johnson Theatres is a joint venture between Johnson Development Corporation and Loews Cineplex Entertainment that combines the financial resources and management expertise of both companies in a unique enterprise to fulfill a clearly identifiable need for new first-class, first-run movie theaters in minority communities in key metropolitan areas. The theaters serve to stimulate business activity and foster economic development in these communities.

Council Member Una Clarke said, "I am extremely pleased that after two years of work, this project is coming to realization -- the name Magic Johnson in the 40th District will certainly work magic. The theater is less than one block from Erasmus Hall High School, and Magic Johnson's decision to invest in the community will bring tremendous pride to students and community residents alike. I want to thank Deputy Mayor Randy Levine, the Mayor's former Chief of Staff Bruce Teitelbaum, the City's Economic Development Corporation and the Empire State Development Corporation for having worked in partnership to bring this project to a realization. I am extremely pleased and very happy for the residents of the 40th District."

Steven Fisher, Chairman and Chief Executive Officer of Plaza Construction Corporation, said, "Plaza Construction Corporation is proud to be a part of this project team. We are confident that the revitalization of the Loews Kings will encourage further growth in the Flatbush section of Brooklyn, an already stable and vibrant community. Earvin Johnson should be congratulated for his dedication to strengthening and encouraging economic growth within inner-city neighborhoods. He was in the forefront of identifying this domestic emerging market and his success is well documented. I would like to express my sincere appreciation to everyone who has helped make this project a reality; especially Mayor Giuliani, Governor Pataki, Councilwoman Una Clarke, Deputy Mayor Randy Levine, as well as Charles Millard and Michael Carey of EDC."

Travis Reid, President of Loews Cineplex Entertainment, said, "We are proud to be a part of this latest Magic Johnson Theatre project, especially since New York is Loews Cineplex's home town. We have a rich history here and it will be especially exciting to see this new theater develop from the famous Loews Kings movie palace. Magic Johnson Theatres is the perfect operation to continue the entertainment tradition that Loews Theaters started many years ago at this site."

Randy L. Levine, Deputy Mayor for Economic Development, Planning and Administration, said, "Under the Mayor's leadership, we succeeded in transforming the majestic theaters on 42nd Street, and we will accomplish the same feat in Flatbush, Brooklyn. This project will provide much-needed employment opportunities for the community, as well as offer terrific new entertainment options."

EDC President Charles Millard said, "The Loews Kings Theater project is a wonderful opportunity to provide a high-profile entertainment option in the growing Flatbush community. A new Magic Johnson Theatre multiplex will attract more Brooklyn residents and visitors to the area and generate increased economic activity for surrounding shops and restaurants. It will be a great boon to the local economy and will continue Mayor Giuliani's efforts to bring economic revitalization to all of our City's neighborhoods."

The anticipated $30 million project will be eligible for as-of-right tax benefits under the Industrial and Commercial Incentive Program. The development team is also anticipating funding of $3 million from the Empire State Development Corporation in the form of a low-interest loan.

The Loews Kings project has also received support from several local officials. Council Member Una Clarke has pledged $2.5 million in funding for the Magic Johnson Theatre proposal.

Magic Johnson Theatres feature stadium-style seating in all auditoriums, with stepped seating rows providing unparalleled sight lines, significantly increased leg room and screens nearly double the size of typical theater screens. Also, every auditorium features plush, oversized rocking chair seats, state-of-the-art projection and digital sound.

The first Magic Johnson Theatre opened in 1995 in Los Angeles. Other Magic Johnson Theatres are located in Houston and Atlanta. Future theaters will be located in Prince Georges County, Maryland and in Cleveland, Ohio.

The firm of Fox and Fowle Architects, based in New York City, will be the architects for the Brooklyn project. Fox and Fowle is known for its award-winning work on 42nd Street and in Times Square.