For those that had the under on whether Yitzchok “Isaac” Thomas could succeed on his ambitious plans to flood the downtown market with more hotel rooms and residential/office space, ... you win!

http://www.memphisdailynews.com/news/201...5-million/

"After months of threats to turn off power to the tallest skyscraper in Memphis, the 37-story office building has sold.

Boca Raton, Fla.-based IMH Memphis LLC, a Tennessee limited liability company, purchased the skyscraper for $5 million on Aug. 25.

...."

No word from that article on any pending plans.

I had my fingers crossed, but the guy sounded shady from day one. Maybe it's a good thing he no longer owns it. At least removing the tenants makes the job easier of the next potential developer.

Worst major building in Memphis. I wish someone would knock it down and building something new there.

(09-01-2015 02:15 PM)3601 Wrote:  I had my fingers crossed, but the guy sounded shady from day one. Maybe it's a good thing he no longer owns it. At least removing the tenants makes the job easier of the next potential developer.

Ironic: IMH Memphis LLC obtained a $2.8 million loan at the time of sale through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC.

(09-01-2015 05:04 PM)Latilleon Wrote:  Worst major building in Memphis. I wish someone would knock it down and building something new there.

Demolition of a tower that size is really expensive. We need more hotels downtown to draw convention tourism. This is a good spot but it would be a tough job to turn it into hotel space or even condos.

(09-02-2015 10:09 AM)JTiger Wrote:  

(09-01-2015 05:04 PM)Latilleon Wrote:  Worst major building in Memphis. I wish someone would knock it down and building something new there.

Demolition of a tower that size is really expensive. We need more hotels downtown to draw convention tourism. This is a good spot but it would be a tough job to turn it into hotel space or even condos.

Maybe it would be, but the location is excellent. It might not be cost effective, but a new high rise right there with condos/hotel space near the courts and government buildings would be nice.

(09-02-2015 11:53 AM)Latilleon Wrote:  

(09-02-2015 10:09 AM)JTiger Wrote:  

(09-01-2015 05:04 PM)Latilleon Wrote:  Worst major building in Memphis. I wish someone would knock it down and building something new there.

Demolition of a tower that size is really expensive. We need more hotels downtown to draw convention tourism. This is a good spot but it would be a tough job to turn it into hotel space or even condos.

Maybe it would be, but the location is excellent. It might not be cost effective, but a new high rise right there with condos/hotel space near the courts and government buildings would be nice.

Developers are in the game to make money and nothing else. If they can help the community and make money then that's great but it won't be without making money.

That is one reason Sears Cross town stayed vacant for so long. Great location but WAY to much square footage for anything.

A high rise in Memphis is expensive because of the seismic codes and really bad soil. The foundation is expensive in bad soils. The money you put into the foundation for a high rise is tough to justify for your ROI.

My attorney told me that place would be empty for years, when they got the boot.

(09-02-2015 09:25 PM)georgiatiger Wrote:  My attorney told me that place would be empty for years, when they got the boot.

That building has been let go for many years. It will take a lot of money to get it back to a marketable office space. If it's converted to something else than it will really be expensive. There are other lots open downtown where the building could be razed and erect a new hotel or mixed use space.