What’s Going on at the Former Italian embassy on 16th Street?

“Dear PoPville,

My husband and I were walking home past the former Italian embassy at 2700 16th street, and these signs were posted. It’s been marked vacant as of today, 5/28 and the white flyer on the right lists violations for overgrowth of the yard and graffiti. Admittedly, I don’t think I’ve noticed any work being done since maybe last summer, but this seemed like it was going to be such a cool development and use of a great old building!

Curious if you or anyone else knows what’s going on here.”