I was told recently that the building that holds Mercato and the former Lucky Lady Casino on the Loop has been purchased by a local investor. There are no plans that I know of at this point except that they will likely bulldoze it and start fresh.
It is in the early stages, but this will likely be a great re-zoning test model for mixed-used retail and mixed-use affordable and middle income housing. I would encourage the Strongtown folks in SuFu to approach him about building density.
I do know that the investor that bought it has a great track record in this community and will likely work with the neighborhood to create something that fits appropriately.