Railyard cinema subject of foreclosure complaint

SANTA FE — The building at 418 Montezuma in downtown Santa Fe that formerly housed the Jean Cocteau Cinema and Coffee House is the subject of a foreclosure complaint.

New Mexico Bank and Trust filed the complaint in state District Court on Monday, alleging that the building owner — Trans-Lux Montezuma Corp. — has defaulted on a $2 million mortgage loan from 2007.

The complaint says Trans-Lux owes about $1.9 million in principal, interest and late fees and asks for an order that the property be sold, with proceeds going to the bank.

The building is already for sale, listed by Barker Realty for $1.9 million.

“We’re working hard to get it sold,” David Barker said. “We do have some good interest in the property right now.”

With its single big movie screen with theater seating, offices and retail space, the building near the developing Railyard would be “a great use for a select group of people,” Barker said. He said he hopes “someone with a vision to do really exciting things there” will purchase the property.

The Jean Cocteau, known for showing independent and art-house films, closed its doors in 2006.

The New Mexico Film Museum took up the lease on the building in 2006, but the film museum — which faced controversy over its mission and cost and whether there ever really was a museum — left the building in 2010. The museum did host several screenings, and film groups used the space to meet and screen films.

The Wild Hare salon, meanwhile, is doing business in a street-level commercial space in the building.

“The commercial real estate market is lagging a little bit behind the housing market, but this is still a great property and we think we will find someone who can use that facility and the space,” Barker said.

Trans-Lux Montezuma is part of the national Trans-Lux firm, formerly known for its chain of theaters, but which now focuses on LED electronic display systems for scoreboards, electronic ticker-tapes and other uses.