Malco Majestic bought for $2.5M by Gestalt Community Schools

Gestalt Community Schools, operator of Power Center Academy charter schools in Memphis, has purchased the old Malco Majestic off Winchester Road for $2.5 million, touting plans for a new school building and other developments.

The property went back on the market three months ago after a highly touted movie studio and “entertainment mecca” planned for the multiplex in Hickory Hill was foreclosed on. Gestalt purchased it last week. 

The charter group operates five schools in Memphis, two of which are located four miles southeast from the Malco Majestic on E. Shelby Drive. Those two schools, Power Center Academy Southeast Elementary and Middle, are poised to be relocated to a new facility on the Malco Property, the charter group announced.

MVP3 entertainment is opening the first phase of what they say will be an "entertainment Mecca" set to eventually include a movie theater, restaurants, a film studio, multiple movie sets and soundstages, a recording studio, a sports complex and a hotel.

The relocation would bring the group’s five schools within four miles of one another across Winchester Road.

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It was not immediately clear if the relocation would require approval from Memphis-Shelby County Schools, the charter’s authorizer.