Somehow I missed this, but a friend of mine who works in the film industry just told me that Alamo Drafthouse is planning on opening a new theater in Circle C. It will be their largest theater yet with at least 8 screens. It will also be able to play 3-D movies.
Here is the ABJ article from last year.
Villa Muse, the large entertainment project, announced that it will look to build elsewhere instead of in East Austin. They had been in discussions with the city to be removed from Austin’s ETJ but Austin ultimately decided against doing this. Being out of the ETJ would have prevented Austin from annexing the land in the future. According to Mayor Wynn, the project could have moved only a few thousand feet and been out of the ETJ but ultimately they decided against this. Hopefully, the project can be salvaged as I think it would be a great boon for the city.