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SEPTEMBER 26 2007-- Walkers pass the Walking Figure by sculptor Donald Baechler on Olive Street. The Chemical Building is in the background. Laurie Skrivan | Post-Dispatch

The nearly vacant Chemical building in downtown St. Louis is back in redevelopment limbo.

Developers Amy and Amrit Gill, who put the building under contract in April, gave notice Thursday they won't buy the historic structure at 721 Olive Street. The Gills, who are married, had not determined a redevelopment plan for the building.

The 17-story building has been on the market for $4.5 million.

Before the Gills took at run at the Chemical, St. Louis investors had partnered with a developer from Kansas City to consider a project to redo the Chemical as market-rate apartments. They dropped the project in March.

Previously, the same local investors had worked with a developer from the Seattle area to put a luxury boutique hotel in the building, real estate sources said.

The Chemical's owner is 721 Olive Acquisition LLC. City records link the owner to Waterfall Asset Management, of New York. The Gills' notice they will not buy the building went to TriMont Real Estate Advisors, in Atlanta.

The Chemical, built in 1896 with an addition in 1902, is a city landmark and is on the National Register of Historic Places.

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Tim Bryant is a reporter for the St. Louis Post-Dispatch.