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close video San Franciscos crime, economy struggles only a temporary issue: Michael Pestronk

Post Brothers CEO Michael Pestronk outlines why he believes San Francisco provides a huge opportunity for investment despite economic and social struggles.

Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.

"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.

General view of the Westfield Century Theatres in San Francisco, California on Wednesday, June 14, 2023. (Flightrisk for Fox News Digital / Fox News) Ticker Security Last Change Change % CNK CINEMARK HOLDINGS INC. 17.24 -1.14 -6.20%

The theater is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to "the challenging operating conditions in downtown San Francisco."

SAN FRANCISCO ICE CREAM SHOP ROBBED TWICE IN ONE MORNING, OWNER FORCED TO TOSS GALLONS OF PRODUCT

The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark's announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer's recent decision to close both its downtown San Francisco locations due to the "dynamics" of the area. 

Shoppers leave the Westfield San Francisco Centre in San Francisco on April 13, 2022. Westfield announced this week it is handing the property back to a bank, citing “challenging operating conditions in downtown San Francisco.” (Justin Sullivan/Getty Images / Getty Images)

Westfield's other properties are 93% leased, on average.

Westfield's decision came days after major hotelier Park Hotels & Resorts announced it had stopped making payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, pointing to several "major challenges" in the city.

FED UP SAN FRANCISCO RESIDENTS FORCED TO SELF-FUND HEAVYWEIGHT PLANTERS TO BLOCK HOMELESS ENCAMPMENTS

The stream of departures comes amid a growing exodus of retailers fleeing downtown San Francisco for various reasons as the city continues to struggle with retail theft, homelessness and a raging drug crisis.

A homeless encampment along Willow Street in the Tenderloin district of downtown San Francisco is seen on Feb. 24, 2022. A stream of major businesses have announced they are leaving San Francisco’s downtown area as the city grapples with crime. (Gary Coronado/Los Angeles Times via Getty Images / Getty Images)

Following Westfield's announcement, San Francisco Republican Party Chairman John Dennis blamed progressive policies for running businesses out of town, telling FOX Business that San Francisco is "the worst managed city in America."

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But California Democratic Rep. Ro Khanna told FOX Business' "Cavuto: Coast to Coast" on Tuesday that despite crime problems, the claims of a "mass exodus" of businesses from San Francisco are not true, and the major tech hub is thriving.

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Science

SpaceX’s Falcon 9 Lifts Off Successfully From Vandenberg Space Force Base

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SpaceX has successfully launched its Falcon 9 rocket, which carried 11-20 Starlink Satellites into space. The lift-off was done from the Vandenberg Space Force Base, California, wherein the rocket entered space within a few minutes of the launch.

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Politics

US government poised to shut down: Will it affect crypto market structure bill?

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US government poised to shut down: Will it affect crypto market structure bill?

US government poised to shut down: Will it affect crypto market structure bill?

A US government shutdown lasting days or weeks could further delay the Senate’s moves on a crypto market structure bill passed by the House in July.

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Environment

The Jeep Recon Moab EV goes full beast mode in black as it drops camo [Images]

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The Jeep Recon Moab EV goes full beast mode in black as it drops camo [Images]

Jeep’s new electric SUV looks pretty sweet in a blacked-out Moab edition. The Jeep Recon Moab EV was spotted with hardly any camo, sporting black paint, wheels, tint, and some serious off-road upgrades.

Check out the Jeep Recon Moab EV in black

The Recon is expected to make its official debut later this year, but we are already getting a look at the new Moab trim.

Although it won’t replace the Wrangler, Jeep said the Recon takes inspiration from the legendary off-roader and will even pull a few fan favorites, like optional doors and windows.

The Recon is Jeep’s third electric SUV, following the Avenger and Wagoneer S, promising to be the brand’s first true off-road EV.

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We have a good idea of what the Recon will look like when it arrives, after several prototypes have been caught in public testing. The closer it gets to production form, the more and more it looks like a Ford Bronco, which isn’t necessarily a bad thing.

A new sighting, from the folks at Jeep Recon Forum, offers a closer look at the Recon Moab trim, all blacked out.

It looks about the same, maybe a little refined, compared to the first Moab model we saw, which leaked out of a dealer event in Las Vegas way back in March 2023.

You can also see a good size comparison to the Chevy Equinox sitting next to it. Jeep’s SUV is clearly taller with a more upright stance.

Jeep already took a shot at Ford during the Super Bowl earlier this year, recruiting Harrison Ford for a commercial where the Recon races past the Bronco on an off-road trail. Harrison joked at the end, “This Jeep makes me happy, even though my name is Ford.”

Jeep-Recon-EV-Ford-Bronco
Jeep Recon Moab 4xe (source: JeepReconForum)

The Recon is set to make an official debut later this year and will go on sale as a 2026 model year. Jeep has kept most details secret, but promised it will be able to tackle the Rubicon Trail with enough charge to get back to town and recharge.

Like the Wagoneer S, the Recon will be based on the STLA Large platform, which should provide at least 300 miles of driving range.

The Moab will be one of several trim options, which will likely include at least a Willys and Overland version as well.

We will learn prices closer to launch, but the Jeep Recon EV is expected to start at around $60,000. The Moab and other trims could cost upwards of $80,000 or more, similar to the Wrangler.

Source: JeepReconForum

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