A Vancouver cinema which has shown movies in the Kitsilano neighbourhood for decades looks set to be torn down after housing developers purchased the land it stands on.

The Ridge Theatre has screened movies at Arbutus Street and 16th Avenue since 1950, but the Cressey Development Group plan to level the landmark and the Varsity Bowling Alley next door.

The group intends to build a mixed use development on the property with ground floor retail and concrete condominiums above.

President of Festival Cinemas Leonard Schein has leased the Ridge Theatre for 34 years but believes the fate of the single screen theatre seems sealed.

"That will be the end of the Ridge when they do it. I'm not sure if they'll do it in 2012 or 2013. It's been a long time and I'm sad to see it ," he said.

The vice-president of the development company, Hani Lammam, says a theatre is not in the future for the area.

"The Ridge Theatre as it stands right now is not doing well from a profitability perspective, so it's a difficult situation, but they're uneconomical," he said.

Cressey Development Group plans to file an application to the City in the next few weeks and is aiming for construction within a year. 

Schein says the Ridge Theatre will continue showing movies until construction begins.

With files from the CBC's Stephanie Mercier