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Downtown project to include Malco Theater, boutique hotel

MEMPHIS, Tenn. -- Hollywood's biggest stars will soon be gracing the big screen downtown as crews are hard at work transforming the historic Central Station and surrounding area.

"It is an extraordinarily large and significant development for South Main and for the downtown community," said President and CEO of the Downtown Memphis Commission Terence Patterson.

The $55 million project includes renovating the station into a 135 room boutique hotel and the Powerhouse building into a Malco Theater.

There will also be three new apartment complexes and more space added to the existing farmer's market.

"When you have a multi-use, comprehensive development like this in one of the most happening, hip parts of Memphis and downtown, it`s going to be a win-win. So we`re really excited for it."

Malco Cinema recently applied for a $5 million building permit to take over the Powerhouse building at the corner of G.E. Patterson and Front Street. They plan on turning it into a seven screen theater with rooftop seating.

"The opportunity to get screens downtown is long-awaited. Since Peabody Place, we really haven`t had anything downtown, so this is a great opportunity."

Patterson said he hopes it will bring even more businesses into the already hopping downtown area.

"This is one of our burgeoning and bustling residential neighborhoods in the downtown community, so I know that`s going to be amazing and it`s going to be amazingly popular."