MEMPHIS, Tenn. — A long-vacant skyscraper on the downtown Memphis skyline has a new owner with a plan to redevelop a landmark once known as the tallest building in the South.

Stuart Harris with Constellation Properties recently closed on the purchase of the historic Sterick Building at North B.B. King Boulevard and Madison Avenue in Memphis.

The 29-story, 340,000-square-foot Gothic Revival building opened in 1929, but has stood vacant since 1986.

The Sterick Building, known as the “Queen of the South,” was the tallest structure in Memphis until 1957. It was added to the National Register of Historic Places in 1978.

The purchase for an undisclosed price includes both the building and the land underneath, which had previously been separate.

Harris previously oversaw the redevelopment of The Commonwealth building at 240 Madison Avenue across from the YMCA. His team also bought parcels in between the buildings for future development.

Full redevelopment plans and financing for the Sterick Building are still being evaluated. Find more information here.