Foreclosure auction for downtown, empty skyscraper delayed

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MEMPHIS, Tenn.-- What's next for the tallest building in Memphis? Well, we're going to have to wait a little longer to find out.

A foreclosure sale of the 38-story building at 100 North Main was scheduled for Thursday but delayed.

It is now scheduled for January 25 at noon.

It's just the latest in a series of speed bumps and road blocks keeping the prime real estate from being rehabbed.

It's a building you can't miss, a beacon in the bluff city.

However, right now the  skyscraper is beat up and empty.

"This is a staple for downtown," said Downtown Memphis Commission President Terence Patterson.

100 North Main was slated to be part of a foreclosure auction on the Shelby County Courthouse steps but that didn't happen.

An attorney for the owner, IMH Memphis, said they're still trying to find a way to hang on to it. William Moss, who is handling the foreclosure, said the auction has been put off a few weeks

"There`s a lot of interest in it, it's a historic building a lot of Memphians are proud of it," said Moss.

However they're probably not proud of the former office building`s disrepair. The owners have been in and out of environmental court for months.

After sitting empty for so long of course the building has it's share of problems. Environmental court says it's a safety concern. The sidewalk here has been blocked off by a fence because they're concerned about falling concrete. The fire department says there's so much leftover debris inside it's a fire hazard.

" We were hopeful that something would happen today," said Patterson.

Patterson has been holding out hope for new life to come to the decaying high rise.

"It`s prime for residential. You could see a residential with a retail component. A commercial element, potentially a hotel. There are a lot of really great and exciting things that could go in this space," he said.

A staple in the sky since the 1960s, Patterson said we've witnessed the rebirth of other blighted buildings. He`s holding out hope for 100 North Main.

" At the end of the day we want to make sure the property goes into the hands of someone whose got experience, that can do the development and is capable of actually getting it done," he said.