Judge approves sale of McClung Warehouses to City of Knoxville

Judge approves sale of McClung Warehouses to City of Knoxville

Posted:
McClung Warehouses (Source: Google) McClung Warehouses (Source: Google)

KNOXVILLE (WATE) - A judge approved Friday the sale of the blighted McClung Warehouses to the City of Knoxville for a price tag of $1.45 million.

The agreement officially settles the on-going lawsuit between the city and the building's former owner Mark Saroff, who purchased the Warehouse in 1999.

The move officially allows the city to acquire the blighted properties for a renewed chance at redevelopment.  

The city reached a settlement in July with Saroff, but it still needed approval from a judge.

The buildings were gutted in a massive fire in 2007. Portions of the building were later demolished, but other dilapidated sections still remain.

The area surrounding the Jackson Avenue corridor has been the subject of extensive revitalization in recent years, including South Gay Street and the Old City.

Development on some Jackson Avenue stalled because Saroff had not sold or developed the property.

He purchased the buildings in 1991 and 1993, but in the aftermath of the fire, the building sat untouched.

City spokesperson Jesse Mayshark said the city will do some short-term stabilization work on the property to make sure it will not deteriorate any further. He also said the city hopes it will be able to solicit bids from private developers by the end of the year.

Powered by WorldNow

1306 N. Broadway NE Knoxville,
Tennessee 37917

Telephone: 865.637.NEWS(6397)
Fax: 865.525.4091
Email: newsroom@wate.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Knoxville, Inc. A Media General Company.