Market News

MALCO ANNOUNCES NEW LIFESTYLE VIP THEATER IN GREENSBOROUGH VILLAGE

MALCO ANNOUNCES NEW LIFESTYLE VIP THEATER IN GREENSBOROUGH VILLAGE

(Memphis, TN) – Malco Theatres, Inc. of Memphis is building it’s newest VIP Theatre in Greensborough Village, a 200 acre mixed-use master planned community located in Jonesboro, Arkansas.  Malco currently operates 33 theatres and over 340 screens in Tennessee, Arkansas, Louisiana, Missouri, Mississippi and Kentucky; as well as three bowling centers and a family entertainment center in southern Louisiana and a family entertainment center in Oxford, Mississippi.  The Village Theatre at Greensborough joins three other new locations in Memphis currently under construction, which will grow the company to 38 total theaters and over 400 screens.  Malco is currently the 10th largest theatre chain in the United States.

The new 12 screen Village Theatre at Greensborough will be their seventh VIP Theatre, joining locations in Rogers, Springdale and Fayetteville, Arkansas and Memphis, Tennessee.  The new state-of-the-art lifestyle theatre will feature 80-inch full leather reclining seats, a Cinema Grille with expanded food menu and beverages, and the latest in advanced digital sound and laser technology.

“We are excited to announce our new Village Theatre as an anchor attraction in Greensborough Village,” said Malco Executive Vice-President Jimmy Tashie.  “Jonesboro is a ‘Malco town’, and has been a rich part of our company’s success.  Our family has spent over a century providing innovative and ground-breaking entertainment experiences all across the southern and midwestern United States.  With each and every new facility we open, we strive to make it the best; and the Village Theatre at Greensborough will be no exception.  We love what the rest of Greensborough Village will bring to our theatre experience, and we are excited about what we bring to Greensborough Village.”

Jerry Halsey, Jr., Principal Broker and Managing Partner of Halsey Thrasher Harpole, shares in Tashie’s enthusiasm.  “We have been working with Malco on this project for quite some time,” Halsey said.  “This isn’t just the opening of a theatre, it’s the anchor of a much larger entertainment and shopping experience unlike anything Jonesboro has ever seen.”

“The Village Theatre will anchor main corner of Canera and Carnaby inside Greesnborough Village, literally making it the corner of ‘main and main’ inside the development.  We are working with some very creative restauranteurs on some incredible new concepts that will join the theatre, along with some boutique shops and other niche retail,” Halsey said.  “This is a totally different concept for Jonesboro, rooted deep inside our ‘Quality of Life’ initiatives.  Imagine being able to park your car in a single location, then stroll charming landscaped and artistically lit streets for shopping, movies, dinner, desserts, drinks, coffee and more.  It’s what the market has been asking for, and what we have been working with Malco to help make happen.  Now that work has become a reality, and we could not be more excited!”

A site plan has been approved and work has already begun.  Grading work has been completed, and the utility infrastructure is already installed.  Foundation plans will be submitted later this week to the city for approval of a permit so that construction can begin.  “We expect to start pouring foundations in late October,” Tashie said.   Construction is expected to take approximately six months.

Architects are putting the final touches on the façade, which will enhance the lifestyle concept of the Village Theatre. “We can’t wait for Jonesboro and Northeast Arkansas to see what’s coming,” Tashie said.  “Much like we are doing with our new Powerhouse Theatre in downtown Memphis, we are going to create a brand and space that fits the community, and will enhance that ‘main street’ feel of entertainment.  We could have gone anywhere and put up a building with a parking lot, but we want to bring a new experience to Jonesboro…and that’s exactly what we are doing with the Village Theatre.”

Malco Theatres, Inc. was founded in 1915 by M.A. Lightman, Sr and has remained family owned and operated for over 100 years.  It is now being led by the fourth generation of the Lightman family.