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(WBIR) An major eyesore, which has plagued the south Knoxville waterfront since 2008, is finally coming down.

On Tuesday, crews began tearing down the former Baptist Hospital, making way for a future $165 million project. JW Demolition, which is the same contractor that knocked down the McClung Warehouses, is also tearing down the former Baptist Hospital.

Knoxville HMA Development, LLC sold the property to Riverwalk Investors for $6.25 million dollars in December. The developers said they plan to build a large, mixed-use development with a public river walk access between the Gay Street and Henley bridges on the 24-acre site. The complex is slated to have luxury apartments, a student apartment complex, a hotel, a restaurant, as well as retail and office spaces. When complete, the development could be one of the biggest in the history of the city and county.

For the past couple months, crews removed materials made with asbestos inside the hospital and moved furniture and other items from the buildings. The developer and demolition contractors hope to tear down the entire hospital by this summer.

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