Chill.

That's a paraphrased message from the owner of a small but significant downtown St. Louis building to preservationists who fret it will soon be demolished.

Not necessarily, say two executives of TWG Development, the company that owns the vacant building at 923 Locust Street. TWG, based in Indianapolis, plans to build apartments in two other empty buildings it bought this year in the 900 block of Locust.

TWG is proposing 88 market-rate apartments at 917 and 921 Locust. The $20 million proposal includes demolition of the three-story building at 923 Locust and its replacement by a 2,400-square-foot commercial building with rooftop patios for some of the apartments planned for the adjoining building.

The approximately 120-year-old building at 923 Locust is unusual in St. Louis for a Tudor Revival-style cladding installed decades ago. The building once housed the nationally renowned Noonan-Kocian Art Co.

Some building preservationists reacted with dismay to the TWG's demolition announcement. They also criticized the boxy design of the firm's proposed replacement building.