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The Telegraph Building remains the fly in the ointment regarding any massive redevelopment proposal.
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The owner holds all the cards too, because there is a right of way through to Main Street from the Telegraph Building. If the new developer wants to expand the 1222 footprint to do something really special, that could be an issue.
Also it'll be interesting to see if the whole parcel was sold, or if they subdivided 1222 by itself.
In any event, you're right about this segment of Main Street. I'd really love to see the Junction developers come back to life with something substantial along Main Street too.