Foreclosure Auction of Skyscraper in Memphis Delayed

by San Antonio Attorney

A foreclosure sale of the tallest structure in Memphis, located at 100 North Main, was supposed to happen on Jan.  5 but was postponed.

 

The new schedule is on Jan.  25.

 

The empty and beaten up skyscraper in the city has been through a series of problems that is keeping it from being rehabilitated.

 

100 North Main was supposed to take part in the foreclosure auction, which didn’t happen.

 

The owner’s lawyer they are looking for a way to hold on to it.  The foreclosure of the historic building

 

But the owners are probably reluctant of the former property’s poor shape.  They have been appearing in environmental court for some time.

 

After being vacant for a long time, the building has developed problems.  It’s mostly a safety issue, according to the environmental court.  Due to concerns of falling concrete, a fence was built in the sidewalk.  The structure is also a fire hazard because there’s so much debris inside, according to the fire department.

 

Downtown Memphis Commission President Terence Patterson said they were hoping that something would happen on the scheduled auction.

 

Patterson has wanted to revive the decomposing property.  He said the structure could be a prime residence or a hotel.

 

Patterson has seen revival of other ruined buildings and he’s hoping the same will happen for 100 North Main.

 

A famous addresses Downtown for businesses after its completion in 1965, 100 North Main was named in 2015 as a model of Mid-Century Modern architecture by the National Register of Historic Places.

 

The idea of losing a real property you own can be devastating.  If your lender or bank is treating you unfairly and you feel like no one is hearing you out, you need a San Antonio Real Estate Attorney to defend you.

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