Osio Cinemas reopening soon

Osio Cinemas in Downtown Monterey could reopen by the end of May after the Monterey City Council approved a lease agreement Tuesday with the building’s owner.

The independent theater abruptly closed on July 20 when the operator, Central Coast Cinemas, filed for bankruptcy.

“We are very excited about the future opening of the Osio,” said Monterey Mayor Clyde Roberson.

Mayor Roberson told KION Wednesday that the theater gives even more life to Monterey’s Downtown.

“It gives so much vitality to downtown,” said Roberson. “Empty buildings aren’t good.”

The news comes after the Monterey City Council voted to approve a new lease agreement with the developer Green Valley LLC. They will in turn have a lease with Le Prince Cinemas.

“They (Le Prince Cinemas) are a tenant of Green Valley,” said Richard Marvin, the city of Monterey’s housing and property manager. “Green valley is a tenant of the city of Monterey,” added Marvin.

The deal isn’t signed, sealed and delivered just yet. The city is now developing what is known as a consent agreement.

“Once that (the consent agreement) is executed the building owner, Green Valley, can complete their sublease with the new operator Le Prince Cinemas and then they can schedule their opening,” said Marvin.

It is still unclear when exactly the theater will reopen, but city leaders tell KION that it could be as early as the end of the month.