More good news for the residents of Lakeland as Malco Theatres Inc. has signed a letter of intent to construct a “state-of-the-art” movie theater in The Lake District.

The news of Malco’s 38,000-square-foot theater comes several months after the 160-plus-acre mixed-use Lake District project announced its first tenant would be The Stock Market, an upscale grocery store operated by independent retailer Jeff Burkhead.

(Daily News File) 

“With multiple entertainment options proposed at The Lake District and an abundant amount of dining, Malco Theatres will further enhance the dynamic atmosphere,” developer Yehuda Netanel of Gilad Development Inc. said in a statement. “We are focused on creating a daily destination that maximizes the human experience and provides memorable entertainment accessible to everyone.”

Shawn Massey of The Shopping Center Group represented the Lake District in the deal, while Michael Lightman of Michael Lightman Realty represented Malco Theatres.

Malco vice president David Tashie said the Lake District was the “clear choice” for a theater in northeast Shelby County due to a changing retail landscape that favors entertainment options within mixed-use developments.

Malco is also in the process of bringing a seven-screen theater, known as the Powerhouse Cinema, to the $55 million Central Station project in Downtown’s South Main Historic Arts District.

Including the new Malco theater, the Lake District will include 300,000 square feet of retail and restaurant space, two hotels, 240 custom-built single-family homes, 390 apartments and 168 age-restricted apartments.