The troubled McClung Warehouse property is now fully under the control of the city of Knoxville.
The buildings sit on Jackson Avenue, between Broadway and Gay Street in downtown Knoxville. The city paid $1.45 million dollars to settle an outstanding lawsuit and buy the land and buildings out of bankruptcy.
The buildings sustained significant damage during a massive fire in February 2007. The property has been caught up in legal wrangling ever since.
"This day has been a long time coming," said Mayor Madeline Rogero. "I am very happy that the City can now move toward stabilizing these historic buildings, and seek proposals from private developers to return these prime downtown properties to productive use. The Jackson Avenue corridor is one of the gateways to our downtown, and this gives us the opportunity to revitalize it."
City leaders hope to issue a bid to stabilize the buildings on a short term basis soon. They will begin developing a request for proposals (RFP) from private developers with the hope of putting the property back in private hands some time next year so they can be redeveloped.