David Dewhirst has purchased the former Free Service Tire building, on Magnolia Avenue.
According to county records, the developer paid $850,000 for the property, which is located at the corner of West Magnolia and Williams Street.
Dewhirst — who has redeveloped a number of buildings in downtown Knoxville — said Wednesday that his team is still working on ideas for the property, but he spoke positively about the building’s condition.
“We were very, very pleasantly surprised to find what we found in there below the surface (of the building), below the exterior visual surface,” he said.
The corridor between Gay Street and Central Street is undergoing a renaissance. A group that includes Dewhirst last year opened the Mill & Mine concert venue in a former industrial building on Depot Avenue, while the former Regas Restaurant building has been redeveloped as office and event space. In addition, a six-story, $36 million project that will include condos and restaurant space, developed by Conversion Properties, is planned on the same block.