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Sydney CBD's Iconic Movie Theatre Faces Closure

A huge luxury skyscraper is set to replace the last large cinema in Sydney's CBD, drawing the curtain on a once-busy movie theatre precinct in the heart of the city.

A 270-metre building -- housing hundreds of apartments, a restaurant, bar and more -- has won approval from the City of Sydney council and is set to replace an iconic building currently playing host to the Event Cinemas location on George Street.

Also in the building is a games arcade, restaurants and fast food outlets.

Sydney's George Street Event Cinema may be closing. Image: Getty

The new 90-level project is expected to cost nearly $700 million and is slated to be one of the tallest residential projects in the city.

It will feature a childcare centre and a boutique cinema, but not of the same size as the huge movie theatre which currently dominates the ground floor of the building.

The Event cinema occupies a space formerly held by the Trocadero, one of the most famous movie theatres in Sydney.

It is the last remaining vestige of a formerly busy cinema precinct, with multiple other theatres over the years making way to new developments.

"They started bringing in the multiplex cinemas, so there were multiple cinemas in the same location where you'd have an independent cinema, so lots of cinemas closed in the 1950s with the advent of television and it's probably true to say that trend has continued," Graham Quint from the National Trust told 10 News First.

The building planned to replace the George St cinema in Sydney. Image: supplied

It is unclear exactly when the Event cinema may close and construction on the new building will begin.

Many Sydneysiders spoke of their fond memories of the George St cinema on social media.

It comes as another movie theatre venture opens -- with a twist.

The popular 'Mov'in Bed' outdoor cinema company is shaking up its model to respond to coronavirus concerns, launching plans for 'Mov'in Car', an outdoor drive-in cinema at Sydney's Entertainment Quarter.

Regular cinemas are still closed under COVID-19 shutdowns, and will not be permitted to open back up for at least another month.

Image: supplied

"The premise will allow you to enjoy a classic movie comfortably seated in your vehicle, featuring stunning night views of the city skyline," a company statement said.

"Add-up one of the best outdoor quality screen in the world, turn on your radio and you've got the perfect night break at the cinema."

A spokesperson for Mov'in Bed said the concept included "bringing the 50's to your seat", with pizza and desserts available.

The likes of 'Grease','Joker', 'Casablanca', 'Dirty Dancing' and various films from the  'Harry Potter' franchise are already on the schedule.