The four story structure was severely damaged in a massive fire on April 30th.
Today, professional engineers inspected the building and determined that it is in imminent danger of collapsing.
City officials say crews will begin mobilizing tomorrow and that the plan is to have the building demolished and the street reopened to traffic within a week.
There will still be sidewalk access to neighboring businesses such as Water Street Brewing , Old World Deli and Boscov's.
The Water Street building housed Ellis's Contemporary Collections.
The main Ellis location on Washington Street next to the MetroCenter remains open for business.
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