Legacy Church, which had called the former Malco Cinema 16 building on Frederica Street home for almost five years, announced Monday on Facebook that it has “officially concluded.”
The property, however, isn’t expected to sit vacant for long.
Legacy Church, which paid $2.9 million for the nearly 10-acre property in July 2019, closed on the sale of the property Friday, with Real Hacienda Holdings, LLC purchasing the property for $2.4 million, said Jim Estes, a Realtor with Greater Owensboro Realty who brokered the deal.
“They bought it as an investment property; they’re going to lease it,” Estes said. “We’re actually in negotiations with a couple of companies right now. We hope (to have it leased) by the end of the month, because time is money on a property of that magnitude. We were able to meet with potential tenants before the closing.”
While many have claimed south Frederica Street has lost its luster as a retail center, often pointing to the closing of Towne Square Mall, Estes said he and his clients see it as just the opposite.
“The reason that the people who bought it bought it, is they believe in south Frederica,” Estes said. “If you go out there on a weekend, it’s as busy as Highway 54. To think that south Frederica is dead, that’s not an accurate assumption.
“And it’s a whole lot of building and whole lot of land. They felt like there were good opportunities for them, and really for Owensboro, by helping revitalize south Frederica.”
Attempts to reach Jeff Phillips, who founded the church, were unsuccessful. But Spencer and Molly Phillips posted a message to Facebook that explained its a time of reflection for the church.
“During this time, we are sensing a profound call from the Lord to pause and seek His guidance as we consider the next steps in our journey,” the Facebook message said. “This period of rest is an opportunity to listen intently to God’s voice and discern His timing for the planting of Kingdom Co. We are committed to ensuring that, when the time comes, we move forward with the right structure, team, and vision that aligns with His perfect plan.”
In 2021, the church was said to have had 700 members. The Facebook message encouraged its former members to “serve and connect with other communities. We believe that God’s work is diverse and vibrant, and being engaged in different settings can enrich our faith and strengthen our bonds within the broader body of Christ.”
The Facebook post says additional information will be shared through the site and that Spencer and Molly Phillips will continue to be available to answer questions and provide guidance.
“Thank you for your continued support, patience, and prayers as we navigate this transition,” the statement said. “We trust that God has great things in store for us and that, in His time, He will reveal the path forward.”