Harris plans to transform the building into a residential tower with up to 260 residences, though he's also open to including a boutique hotel, retail stores and restaurants.

The building itself is in great shape structurally according to Harris, but the interior is another story. One of the biggest challenges will be removing the asbestos that riddles the structure.

“A lot of the damage is superficial,” Harris told Memphis Magazine. “The building itself is made out of concrete and steel, with a composite limestone exterior. It’s a beautiful historic shell in pretty good condition... We’ll leave that intact as much as we can".

After 40 years empty, the Sterick Building is finally set for a fresh start