It appears that housing will be built on the site of the University Cinemas on Main Street. I rarely go to movies but I'd say about half of the movies I've seen since I moved to this area have been at the University Cinemas (the other half were at the Parkway). I prefer the "smaller" theaters over the multiplexes, although they aren't as nice as the old one-screen theaters. It just seems like there's more attention to detail when there is only one screen (plex?) for management to handle.
I sympathize with residents in the Main St. area who are upset about multi-family housing being built there. I hope that things work out better than they expect. Change is about the only constant in the town of Normal, but that doesn't make it easy for those impacted by the change.