The long-vacant Sterick Building in Downtown Memphis has a new owner.

Stuart Harris of Memphis-based Constellation Properties said on Friday his team has closed on the purchase of the historic structure at the corner of North B.B. King Boulevard and Madison Avenue. The building is a 340,000-square-foot, 29-story, Gothic Revival skyscraper that was completed in 1929.

“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,” he said in a statement.

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Harris has overseen the redevelopment of the nearby The Commonwealth building at 240 Madison Ave. Constellation Properties has also purchased parcels between The Commonwealth and the Sterick on Madison for future redevelopment.

The building was added to the National Register of Historic Places in 1978, but has been vacant since 1986. It was designed by architect Wyatt C Hendrick. According to the application for the historic places listing, the structure "was built as a joint venture by prominent Texas Governor-oil man-publisher R.E. Sterling and his son-in-law, architect Wyatt C. Hedrick," giving rise to the name Sterick.

The cost of building at the time was $2.5 million.

The recent purchase agreement also resolved outstanding issues with a ground lease, which had made taking action on the property in recent years difficult. That lease was not set to expire until 2025.

Redevelopment plans are still being drawn up, according to a press release. The group will be seeking public incentives as part of the redevelopment process.

Corinne S Kennedy covers economic development, real estate and healthcare for The Commercial Appeal. She can be reached via email at Corinne.Kennedy@CommercialAppeal.com

This article originally appeared on Memphis Commercial Appeal: Downtown Memphis' Sterick Building bought by local investors