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| The Sterick Building |
A few months ago I was walking near Court Square in downtown Memphis. Being somewhat of a geek, I admire architecture and especially old buildings. I caught sight of a huge, old building a few blocks east, and headed toward it. When I got closer, I realized the entire bottom floor was boarded up. I looked further up for signs of life and realized that there were no window furnishings inside the windows. The blinds were mangled and non-existent. I had to know why this beautiful old beast lay dormant. Internet, here I come.
The
Sterick Building. That is it's name. At 3rd St and Madison Ave. Price: $100. Not 100 thousand, or 100 million, just 100. No lie; the building's value is only one hundred dollars (according to the
Shelby County Assessor of Property's office). Finished in 1929, abandoned in 1980. Having been to the Empire State Building in NYC, I cannot fathom abandoning a building of that era. I guess Sterick's history is reflective of Memphis' past. Built with asbestos throughout it can't be used; and the government regulations regarding renovation or demolition are so burdensome that it's not cost-effective to do either. The land and the building have separate owners, and the lease on the property will be up in 2028 or 29. So ownership of whatever is on the land reverts to the land-owner. Even if you bought it for $100 and dumped $60 million into renovations, there is just not enough time left in the lease for anyone to make the money back they would have to put into it.
Amazing, how a huge, beautiful building could just be empty... and I found that that's not the only one in Memphis. The Hickman building in Sterick's shadow; the Hotel Chisca, just south of Beale; among others. Some call them scars, eye sores, etc., but I think they give character to the city. The old buildings are so full of personality. I hope they are eventually rejuvenated (although it may be a while with the current economy). However, now would be the time to buy. I would hate to see them demolished.
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| Hotel Chisca |
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| Hotel Chisca |
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| Hickman Building |
