Historic Tennessee Brewery has potential buyer - WMC Action News 5 - Memphis, Tennessee

Historic Tennessee Brewery has potential buyer

The more than 100-year-old structure has been the focus of grassroots campaigns. (Photo Source: WMC Action News 5) The more than 100-year-old structure has been the focus of grassroots campaigns. (Photo Source: WMC Action News 5)

(WMC) - The Historic Tennessee Brewery is now under contract with a "viable buyer," and it is safe from demolition for at least 90 days.

The more than 100-year-old structure has been the focus of grassroots campaigns and finally, after years of waiting, there is a potential buyer for the structure.

"This building is existing, it fits in with the surroundings, and I think if someone can take something like that and turn it into a useful item that would be great," resident Chris Mulvey said.

Mulvey lives next to the structure and is curious to know what plans the potential buyer has for the structure.

WMC Action News 5 spoke with real estate agent James Raspberry about the potential sale, and he says even though there is a potential buyer, nothing is final.

Right now, the potential buyer is in a 90-day due diligence period before closing. During this period, the potential buyer can conduct test on the structure and determine if they want to purchase the building.

"I think it would be the best thing for them to go ahead and buy it, and if they aren't going to buy it they need to demolish it," said Jessie Shaw, who works next door to the historic building.

The building was set to be demolished on August 1 before this potential deal was reached.

Copyright 2014 WMC Action News 5. All rights reserved.

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