World Overcomers church has bought the old Hickory Ridge Mall property and plans to build a mixed-use facility for the Hickory Hill community.
World Overcomers has an option to buy the mall, 45 acres of land and an out parcel with a restaurant from Carlyle Rock Ridge Development Group for $1.4 million.
The deal does not include any of the mall's anchor stores.
The city of Memphis has dropped an option to buy the property.
The city had previously looked to buy the property and move some government operations into it.