Colony movie theater in North Raleigh to close in December

Ambassador Entertainment, whose stable of local independent movie theaters includes the Rialto and Mission Valley Cinema, plans to close its Colony Theatres in North Raleigh in late December.

Bill Peebles, Ambassador’s owner, said he is closing the two-screen theater at the corner of Six Forks and Millbrook roads in order to consolidate resources and make improvements to the Rialto in Raleigh’s Five Points neighborhood.

The Rialto, which opened in 1942, was last remodeled in the late 1990s.

Ambassador has operated the Colony since 1994 but chose not to renew its lease in the Colony Shopping Center.

Hobby Properties, the owner of the center, is hoping that a new owner will lease the space and continue operating it as an independent theater, said Boss Poe, Hobby’s director of leasing and sales.

The firm will also explore the possibility of converting some or all of the theaters to other uses, such as an art gallery, music venue, brewery or a sports bar, Poe said.

The shopping center, which is anchored by a Food Lion, is fully leased except for one out parcel building that is vacant, Poe said.

Peebles said his theaters, including the Colony, have been performing well in recent years.

“My grandfather told me two things. One, people want to be entertained and they want to eat, and every time the economy goes south my business goes north,” he said.

Both Mission Valley and Ambassador’s Six Forks Station Cinema on Forum Drive will continue to operate as usual. No schedule has been set for the upgrades to the Rialto, Peebles said.

This story was originally published October 6, 2015 at 10:59 AM with the headline "Colony movie theater in North Raleigh to close in December."