A jewel of the golden age of the New York City movie theater is being revived, with the reopening in February of the former Loews Kings Theater on Flatbush Avenue in Brooklyn.

Opened in 1929 as one of five Loews metropolitan area “wonder theaters,” Kings Theater, now owned by the City of New York, is undergoing a $95 million transformation into a high-tech, multipurpose performing arts center that is already stimulating new development in the neighborhood.

The theater, at 1027 Flatbush Avenue, is a short walk from the Q, B, 2 and 5 subway lines. A Gap Factory recently opened directly across the street in a building owned by Solil Management at 1016 Flatbush Avenue, while a Crunch gym and a 69-room boutique hotel are scheduled to open nearby within the next two years.

According to Benjamin M. Branham, executive vice president of the City Economic Development Corporation, which has overseen renovation of Kings Theater, the number of businesses in Flatbush — a central Brooklyn neighborhood with a population of 100,000 — grew 34 percent between 2000 and 2012, compared with citywide growth of 11 percent. In the same period, he said, jobs in Flatbush grew 7 percent, compared with 4 percent citywide.