[chadpcarey]

This building actually has great "bones", so to speak. I think it's important to preserve it, based on its overall quality, as well as the fact that the building helps to "frame" the street.

Keep in mind that whatever is built on that site will almost certainly be of inferior design and material quality than the existing building. If you don't believe me, consider the new stucco LaQuintas, Red Roofs, Raddisons, etc. that ring downtown, and compare them to the Exchange Building, or the South Texas Building, or the Guenther, etc.

SKW: It wouldn't suprise me if that building had lots of asbestos and other hazerdous stuff (almost all buildings from that period have it), but you have to abate most of that material even if you demolish the building. Plus, asbestos isn't too terribly expensive to abate. For instance, I redeveloped the Frost Bros. annex, currently the Travis Park Lofts, and it had tons of asbestos.

For what it's worth, the owner (a professor named B.P. Agrawal) has been very resistant to the idea of selling that property (it extends all the way to the Riverwalk). He's not been a very good neighbor for downtown, given the potential of that site. Don't underestimate how greedy many of these guys can be...