The company building a 14-screen movie theater in a new commercial center bought the tract of land where the theater will be located for more than $1.2 million this week.

Stone Theatres purchased the land near the corner of South 17th Street and Independence Boulevard from Barclay Commons Retail LLC on Feb. 22, according to a deed recorded in New Hanover County. The Pointe 14, a 54,500-square-foot theater with 2,822 seats, is the anchor for The Pointe at Barclay, a commerial project under development by Cameron Management and Charlotte-based firm Collett.

Some work has already been completed at the site, and the construction of the theater could be finished before the end of the year, according to the project's developers. Two restaurant buildings shown on site plans, approved by city of Wilmington officials in January, are in the works at the same time, said Hill Rogers, broker in charge for Cameron Management.

One of the buildings is 9,635 square feet with the possibility of holding six units, while the other is slightly smaller with a potential five units in just under 9,300 square feet, according to site plans and marketing materials for The Pointe. The sizes of the units are flexible, the marketing materials say.

"Leasing activity has been tremendous," Rogers said this week, adding that he had no new tenants to announce but could be revealing those names soon.

The Pointe at Barclay is part of a 600-acre master planned development in Midtown Wilmington. 

Stephanie Lanier, founder of residential real estate agency Lanier Property Group whose office is located in midtown, said in an email Thursday that she expects the theater "to have a huge impact on Midtown."

"We already have great parks, Cameron Art Museum, and wonderful restaurants & shops. The addition of the theater will make this a destination area of the city and keep residents and people who work in Midtown in the area after working hours and on the weekend," she said.

In terms of residential real estate, the new development is a selling point, she said.

"We are telling buyers that we believe The Pointe at Barclay will have a similar effect on property values that Mayfaire had once it was completed. We believe the walkability (using the cross-city trail) will be a key factor in the growth of the area. There are so few places in Wilmington that you can walk or bike safely to dinner and a movie," Lanier said.