Projections of Growth
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“We always knew we wanted to be entrepreneurs,” says Alisa. She and Donzell grew up on the south side; Alisa graduated from Northwestern University with a journalism degree, and Donzell earned his MBA in finance from Illinois Institute of Technology. In 1993 Donzell gave up a lucrative career in investment banking to pursue their movie theater idea while Alisa worked as an advertising executive at Burrell Communications Group, and after approaching Cineplex Odeon with their plan for a trio of new multiplexes, the Starkses won backing from South Shore Bank, First National Bank of Chicago, and GE Capital Corporation in Connecticut. The theaters, which opened Thanksgiving weekend of 1997, were widely hailed as a triumph of community-based entrepreneurship, and the Starkses voiced their commitment to screening independent African-American films that might otherwise get locked out of the city’s multiplexes.
Some observers wonder whether the Starkses’ acquisitions will ultimately turn a profit, and even Burns considers it curious that the so-called big boys weren’t interested in them. Neither General Cinema nor AMC Theatres, both significant presences in the Chicago area, chose to pursue the properties aggressively; both companies operate mostly in the suburbs, and General Cinema has a policy of building its own theaters from the ground up. But one might argue that some of Meridian’s theaters are in less attractive locations, need renovation, or lack sufficient parking. Neither Burnham Plaza nor the Hyde Park has ever been a high-grossing operation, and the aging Old Orchard Theatres have been eclipsed by newer, state-of-the-art multiplexes nearby. Sources say the Starkses could lose one of their best new properties, the Water Tower Theaters, when the lease expires in the next two years; the building management for Water Tower Place did not return a call seeking comment on whether the theaters might be converted into retail shops. Donzell claims Meridian might also buy the prestigious multiplexes at 600 and 900 N. Michigan, but the Justice Department will decide who gets Loews Cineplex’s remaining screens.
