The last remaining cinema on the George Street entertainment strip is earmarked for demolition following the City of Sydney's approval of two Mirvac development applications to be constructed on the Event Cinema site.

The buildings, which straddle two blocks of land, will be a 43-storey high-rise and a 270-metre, 507-apartment residential tower. The mixed-use buildings will include a childcare facility, shops, hotel accommodation, car parking and a boutique cinema.

According to development application documents obtained by the Sydney Morning Herald, the current cinema is earmarked for demolition but the new structure will include four new cinema rooms. "There are no applicable planning provisions requiring retention of the existing cinema or provision of new cinema of the same size," the SMH said.

It looks like the new movie house will not be sprawling and as large as the current Event Cinema. The City of Sydney Lord Mayor Clover Moore was also quoted saying the council was impressed by the plans for the site. “It’s still special to go out to the movies, but the way we do that is very different to when cinemas on this site were in their heyday," she said. "New cinema developments at Broadway and Central Park are indicative of the change to a model where theatres seat a smaller audience, in a more intimate setting."

George Street in the CBD, between Town Hall and Central, has been home to cinemas since the 1970s. When the Hoyts complex opened it was the biggest cinema complex in the world at the time. Other cinemas included was the Crystal Palace Theatre, Regent Theatre and the Victory Theatre.