There are changes in store for one of Downtown’s most notable buildings. Stuart Harris, principal of Constellation Properties, announced that his team have closed on the purchase of the historic Sterick Building.
The 340,000-square-foot, 29-story skyscraper was built in 1929, and was added to the National Register of Historic Places in 1978. However, the building has stood vacant since 1986. Previously, the idea of a purchase had been complicated, owing to a ground lease that had considered the building separate from the land it sits on. But the new agreement resolves that issue, allowing for future plans of a full redevelopment to begin taking shape.
“This deal would not have been possible without a number of local and national investors who share our commitment to making sure this historic building sees a bright new future,” said Harris. “I also want to thank Equitable, CBRE, Henry Grosvenor on behalf of the sellers’ families, and the Downtown Memphis Commission for their steadfast partnership and belief in our vision.”
Harris has previously overseen redevelopment of the Commonwealth building at 240 Madison Ave. Constellation Properties also purchased parcels at 220 and 224 Madison Avenue, with an eye on further developing the corridor from the Commonwealth down to the Sterick at the corner of North B.B King Boulevard and Madison.
A full redevelopment plan and uses for the Sterick Building are still under consideration. When that is finalized, Constellation plans to seek additional resources and public incentives to help with the project.
