The Final Film Festival will run from January 25 to February 3 and see a range of critically-acclaimed hits projected in 35mm, including Skyfall, Argo and the Best Exotic Marigold Hotel.
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.
Festival Cinemas President Leonard Schein has leased the Ridge Theatre for 34 years and said the moment is bittersweet.
"I am sad that the Ridge is going, but happy for the many great memories it has brought to me and our fantastic and loyal audiences throughout the years," he said.
Schein admitted the theatre had not been making money for some time.
"We hoped that operating it in conjunction with the Fifth Avenue Cinemas and Park Theatre would help preserve its operation, but we were wrong.
"Now with the impending demolition of the site by the property owner, many people think it has already closed."
Schein said Cineplex Entertainment will take the stained glass windows from the Ridge's projectors for use in one of its theatres and the Ridge's signage will be preserved in the new condominium development.
Admission tickets for the Final Film Fest start at $5.