2548 Mission Street, situated between the Alamo Drafthouse / New Mission Theater and the famed Foreign Cinema restaurant is, though a beautiful old building, not protected as a historic resource. Still, Mission Local was hopeful that a 2014 buyer of the space would preserve it, but now it's changing hands again and could be demolished to make room for — what else? — condo development.

That former seller, Collen Meharry, who also owns the Foreign Cinema building, turned down an offer from a restaurateur that was $400,000 higher because she "didn't feel that is the best group for that block." Instead, Rowland Weinstein, whose Union Square Weinstein Gallery at 383 Geary Street is known for its works by Picasso, Chagall, and Calder, won out, promising, and perhaps hoping for, another gallery along with “a bar concept,” on Mission Street, that he planned to open by late 2014.

“I just felt like having a nice gallery would be far better for people on the streets and tenants for them to come here.” said Meharry at the time, and Weinstein appeared to agree. "To some degree there has been a lot of arts that have been pushed out of the Mission District,” he said. “The big driving factor is to provide a venue which will always be about arts but also to encourage artist to continue to come back to the Mission. Hopefully it encourages other galleries other organizations to continue to stay.”

But Socketsite now reports a change in those plans. Weinstein, who purchased the property for $3.8 million, appears to have sold it to an LLC for $4.9 million. And "behind the LLC is entrepreneur turned real estate investor, Enrique Landa," Socketsite reveals. The space is zoned for 55-feet in height, so speculation about development is inevitable.

SFist has reached out to Weinstein and is awaiting comment.

Related: Peek Inside The Alamo Drafthouse New Mission Theater, Open Next Week