Owned by the National Capital Commission (NCC), they had the cornice removed in 1964 after stone fell from it killing a pedestrian on the street below.
However, when the building was examined it was found that portions were structurally unsound, and if it were to be restored large sections would have to be wholly rebuilt.
Further studies found that if left alone the building posed a danger to the public, and could collapse under winter snow.
The developers did not have the funds to do such an extensive project, and in a controversial decision the NCC chose not to look for a new partner and in September 1991 authorized the destruction of the building.
Eventually, the NCC leased the site to a developer who erected an 11-storey luxury apartment building, which opened in 2004.