Baldwin Hills Crenshaw Plaza mall owner Capri Urban Investors today announced that Rave Motion Pictures will be the new theater operator for the now shuttered Magic Johnson theaters, according to a press release sent today.

The plan for the theater that was closed in May calls for a state-of-the-art, fifteen-screen multiplex featuring stadium seating, new amenities, digital projection and sound, 3-D screens and new décor.

Target opening Memorial Day, 2011.

Rave is currently the fifth largest domestic circuit by box office gross and number of screens. In Los Angeles, Rave currently operates the Rave 18 at the Howard Hughes Center, formerly known as The Bridge Theater. The company, founded in 1999, owns or manages 61 theaters and approximately 1,000 screens located in 20 states across the country.

Capri bought the Crenshaw Plaza mall for $136 million in 2006.

“Rave Motion Pictures will make a fantastic addition to Baldwin Hills Crenshaw Plaza,” said Ken Lombard, President of Capri Urban Investors, in the release. “They understand Los Angeles, the urban marketplace, and have an absolute commitment to delivering the best movie experience you’ll find anywhere.”

“We are extremely impressed with Capri’s commitment to turn Baldwin Hills Crenshaw Plaza into a Class-A retail center,” said Thomas W. Stephenson, Jr., President and CEO of Rave Motion Pictures, in the release. “We look forward to being part of the new plans at Baldwin Hills Crenshaw Plaza, and are proud to be the first major upgrade of many more to come for the center.”

“Bringing a top-flight operator with the most modern facilities available in America today is great news for the residents of neighborhoods surrounding Baldwin Hills Crenshaw Plaza,” said Los Angeles City Councilman Bernard C. Parks in the release. “Capri made a commitment to upgrade the mall, and this is a big and immediate step in delivering on that commitment.”

Renovation plans for the entire mall call for a dining terrace and live entertainment performance area, new flooring, lighting and extensive exterior building, site and landscape improvements throughout the 43-acre property.

The mall renovation will be completed before the 2011 holiday season.