CMN Gets ?Reel? Good News
by January 19, 2004 12:00 am 61 views
Malco Theaters of Memphis is designing a stadium-seating movie theater for the southeast corner of Joyce and Steele boulevards in Fayetteville’s CMN Business Park. The lot is behind the Wal-Mart Supercenter.
Jimmy Tashie, senior vice president with Malco, said the land purchase is “under option” with Irwin & Saviers. The property is owned by three sisters — Marjorie Brooks, Nancy Rubeck and Charlotte Steele — who began developing CMN Business Park about a decade ago. The theater project will require eight or nine acres of land, Tashie said.
Tashie said the theater will have 12-18 screens and will take nine to 12 months to build. He said the building will cost at least $7 million and entire projects sometimes run as high as $1 million per screen including the land purchase.
“We’re designing the theater to go on the site,” Tashie said. “There are some little hurdles to get over but I don’t think it’ll destroy anything that’s been done to date.”
Tashie said Fayetteville Mayor Dan Coody was instrumental in getting the project going. Fayetteville currently doesn’t have a stadium-seating movie theater.
“The mayor has been heroic in his efforts,” Tashie said.
Malco owns 38 movie theaters with a total of about 300 screens. The company was founded in Florence, Ala., in 1915, and officially incorporated in Little Rock.