By Jim Carchidi
March 4, 2026
The emptiness inside Orlando Fashion Square mall is about to deepen as the Premiere Cinema 14 movie theater will permanently close on March 12. A March 2 social media announcement echoes a post on the company website, but a line regarding the mall’s future development seems to be off the mark.
The post announcing the closure of Premiere Cinema 14 at Fashion Square states the mall is preparing for development but according to sources, that's not the case. Image courtesy of Premiere Cinema social media
How it started
Orlando Fashion Square opened in 1973 and remained a successful retail destination for more than 40 years. A 2013 change of ownership ended in a failed expansion plan with the lender that backed the new owner purchase, The Bancorp, foreclosing on the mall in 2016. The firm took possession of mall assets in 2016 and holds a ground lease on the property through 2071.
How it’s going
Once a busy shopping hub, much of Orlando Fashion Square has fallen into disrepair. Several entrances are not accessible and a few remnants of past tenants remain. Photos by Jim Carchidi
Inside, the scene is not much better as vacant storefronts fill the space between anchor tenants.
Covid-era spacing reminders remain in some areas.
The silence is deafening throughout Fashion Square's interior. Anchor tenants Macy's, Dillard's Outlet, and Planet Fitness remain, along with about a dozen smaller shops and Premiere Cinema 14. However, the out-of-service escalators and elevator at the center court limit access to the theater, which is on the second floor, to the pedestrian bridge on the third level of the parking garage. National Entrepreneur Center is also among the remaining tenants, but is in the process of moving from its Fashion Square headquarters to UCF’s downtown campus at Creative Village.
Blocked escalators and no elevator service means the movie theater is only accessible from the parking garage bridge.
Stalemate
In 2018, the 46 acres of land at the property was purchased by Unicorp National Developments, Inc. with plans for residential units and new retail uses. However, Bancorp and Unicorp have been at odds over the distribution of property assets, resulting in a hold on the property.
A 2025 Orlando Sentinel report states Bancorp enlisted M&M Realty Partners for a new redevelopment plan that features 1,400 residential units, a 120-room hotel, and 177,000 square feet of new retail space. Despite the abundance of development vision, the property remains as-is until the owners reach an agreement.
Uncertain future
The Premiere Cinema announcement stated its Orlando closure is happening as Fashion Square, “prepares to commence its next phase of future development.” But a Unicorp representative told The Orlando Real that the hold remains in place.
“Unicorp and Bancorp have not come to a development agreement regarding the mall,” reads a Unicorp email statement. “Unicorp still owns the land and Bancorp still owns the mall. The theater closing does not have anything to do with development moving forward.”
The Orlando Real attempted to reach Bancorp and Premiere Cinema for comment but did not receive a response.
Sponsor: The Orlando Real is sponsored by the Pozek Group — the #1 real estate team in Orlando and the Official Real Estate Team of the Orlando Magic.
About the Author
Jim Carchidi is an Orlando journalist and photographer with previous work at the Orlando Sentinel and Orlando Business Journal. He covers development, arts, culture, and local stories for The Orlando Real.
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