Jim Mueller's company has purchased all of Dean Falls's property on East Madison Street: grocery store, bars (old Twilight, Club Chocolate City), apartment building and the two houses on Denny. Here's a link to the "Real Estate Excise Tax Affidavit", confirming that the sale has taken place!
The property has already been fenced, and will be demolished pretty soon, after asbestos abatement, etc. I gather that the development there will not differ much from the old plans for the property. Here are pictures of the architectural models.
Watch Jim Mueller interviewed on KING-TV about his development plans.