The old Butternut building in downtown Omaha, gutted by fire in January, will be demolished.
The owners of the building made the announcement on Friday.
The old bulding was in the process of being renovated and converted into upscale urban housing when it was gutted by fire on January 7th.
Christian Christensen, the president of Bluestone Development, released a statement saying, "After exploring every option to continue with the Butternut project as originally designed, we have have reluctantly concluded that the catastrophic nature of the fire makes restoration of the shell of the Butternut complex risky and prohibitively expense."
The building is slated for demolition in the next few weeks.
Omaha Mayor Mike Fahey said, "While everything possible was done to retain this historical structure and everone involved deeply regrets its loss, we're encouraged that the vision for the site remains in order to continue our downtown and riverfront momentum.
Christensen says while the Butternut can't be saved, developers are still bullish about the site and the concept of developing urban living opportunities downtown.