The Freep is reporting that fences have gone up around the building and that demolition is imminent.

Designed by architect C. Howard Crane, who is better known for his designs of the Fox Theatre and other entertainment venues, the Lafayette Building occupied a wedge-shaped block between Michigan Avenue and Lafayette Boulevard. The site gave the building its triangular shape.
-Free Press

The two coney island restaurants are safe though.  They will not be demolished.

The National Trust for Historic Preservation has written a nice article about the building’s history and some of the efforts to save it.

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