The Texas deal didn't work, but owners say don't expect the property to stay on the market too much longer. It is still for sale and they're already talking with a few new buyers today.
The inn is one of midtown's biggest eyesores, but also one of its biggest opportunities.
The French Quarter Inn has been vacant about 8 years, sitting on the corner of Madison and Cooper in Overton Square.
Memphians got excited last month when a Texas development group put down earnest money and announced plans to buy the property. That money was forfeited this week when the company missed the deadline to finalize the deal.
"It was once really vibrant and it's such a great theme, the french quarter," said Toni Crutchfield. "I would just love to see it back."
Many are sad to hear of the setback, but still hold out hope the inn won't stay vacant and for sale forever.
"It would be great to bring it back to Overton Square. I would love that," Crutchfield said.
The reasons the deal didn't work out are unknown.
The building will need millions in renovations and repairs. Many speculate, it's a foreboding task.
"I think that's what it is," said Crutchfield. "Anytime something great is going to happen there's going to be a big challenge. I think that's what they're looking at, it's just a challenge."
Owners hope someone's up to the task. They won't release any specifics like a selling price, but say they hope to have good news to report soon.
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