MEMPHIS, Tenn. - A Mississippi family is bringing a new future to a bankrupt apartment tower in downtown Memphis.
Harold Trusty drives past the vacant Horizon Tower every day on his way to work.
Monday he told WREG, "Somebody is going to be there, one of these days."
Trusty is correct.
The papers are signed, and the Thrash Family from Hattiesburg Mississippi purchased the Horizon Tower for $13.5 million.
That's a steal from its original price of $70 million.
"It's an eyesore," Trusty said about the big red building. "But I guess when they finish it, it will look alright."
The new owners tell WREG that's the plan.
They describe the inside of this building as a blank canvas, and for the most part they are staying with the plans the original builders had in 2007, but making the design a bit more modern.
Thanks to 24-hour security and maintenance, the original infrastructure is in good condition.
The Thrasher family sees the failed project as the perfect opportunity for them.
They expect to have 146 units in the 16 floor building up for sale by the end of next year.
Some people told us they were surprised the building sat empty so long with so many other apartments being built.
The Thrashers said the same thing; they told WREG they are getting a real bargain in an area where they say there is pent up demand for Class-A Condos that they plan finish by next year.