Branson’s Grand Palace has new owners and they know a thing or two about grand developments.
Branson Entertainment Center LLC, which is run by the Los Angeles-based operators of Branson’s Hollywood Wax Museum, closed Oct. 2 on the purchase of the long-vacant Grand Palace theater. Acting as receiver of the property note, the Federal Deposit Insurance Corp. sold the 13-acre parcel and its nearly 100,000-square-foot building for $2.7 million, half of a recent list price, according to
LoopNet.com.
Enter Kuvera Partners, which appears poised to expand its attraction offerings in Branson, though the wax museum officials remain tight-lipped about plans. Kuvera owner Tej Sundher declined requests for an interview through company spokeswoman Aileen Stein, who only provided a statement.
“We’ve been part of the Branson tourist landscape since 1996 and have shown our commitment to the community with continued growth and investment. We’ve always believed in Branson as a great tourist destination,” Sundher said in the company statement. “This is just an additional commitment to the city by our organization. It is such an exciting time as the city is beginning to implement the Spirit of 76 plan.”
The Spirit of 76 plan is an $80 million streetscape project the city of Branson has proposed for its famed 76 Country Boulevard, which is home to multiple Kuvera properties and attractions.
Four attractions comprise its Hollywood Entertainment Center at 3030 and 3110 West Highway 76: the Hollywood Wax Museum, Castle of Chaos 5D Adventure, Hannah’s Maze of Mirrors and Shoot for the Stars Mini-Golf.
Besides offerings in Branson and Hollywood – which include its wax museum, the Hollywood Storage Center and the Guinness World Records Museum in Los Angeles, California – Kuvera invested millions of dollars in Pigeon Forge, Tenn. In 2012, Kuvera opened its third Hollywood Wax Museum in the Smoky Mountain town of around 6,000. In addition to its Hollywood Entertainment Center, Kuvera Partners also operates Ripley’s Aquarium of the Smokies.
Greg Baker, senior vice president at Branson Bank, has worked with the Sundher family locally for nearly 10 years, well before he became an executive with Branson Bank. He said investments in attractions can only help diversify the city’s tourist offerings.
“Branson has gone from theaters and motels to shopping and attractions. In my opinion, attractions appeal to multiple generations and age segments,” Baker said, declining to disclose his banking relationships with Kuvera Partners or speculate on their plans.
To Baker’s point, the theater market appears to be struggling in Branson in recent years even as new retail destinations such as the $420 million Branson Landing, and attractions such as The Titanic Museum, took root.
Late last year, the Jim Stafford Theatre shut down, as did The Americana and the Icon theaters. After this year’s run, Mercy Springfield Communities will close the Oak Ridge Boys Theatre for good to make way for a $34 million clinic. Iconic performers on the strip such as Roy Clark, Glen Campbell and Andy Williams now occupy a chapter in the city’s development history. On the attractions side, Herschend Family Entertainment’s Celebration City has sat vacant six years, as company officials hold out for future development.
Broadly speaking, Baker said Branson and similar markets represents the niche Kuvera is after.
“They like towns like Branson that are regional destinations,” he said. “I don’t think they’re looking to go up against Disney or something like that in Florida.”
Branson promoters have branded the town as a family destination for years, and Kuvera Partners and other developers could continue to solidify that marketing strategy.
Based on city sales tax figures, Branson tourists keep spending. The city’s sales tax is up 5.45 percent to $6.8 million through August, and the tourism tax is up 6.6 percent to $540,000 through the same period.
The theaters that have survived are doing well. Tax receipts from theater shows this year are up 8.9 percent to nearly $1.8 million through August, although tax revenue from amusements is doing even better with a 14.6 percent increase to nearly $1.1 million.
Looking forward, a little demolition by Kuvera of the old Branson must take place before tomorrow’s attraction is born.
Branson Economic Development Director Garrett Anderson said no building plans have been submitted to the city but an application for “selective interior demolition” was on the heels of the Grand Palace sale around the first of the month. The estimated value of demolition is $20,000. Tom Treat of Springfield-based Treat Architects PC is listed as the architect for the demolition work. A call to Treat was not returned by press time.
According to Kuvera officials, the company founded in 1965 – the year it opened the original Hollywood Wax Museum – is still actively designing a master plan for the Grand Palace property.[[In-content Ad]]
