The building at 35th and Michigan included commercial space and the Pickford Theatre.
De La Salle Institute purchased the structure back in 2007 with plans to use it for a new academic center and theatre space.
But school officials became concerned after two Chicago firefighters were killed in December when a roof collapsed while they were battling a fire in the South Shore community. It happened at a similar type of building to the former Pickford Theatre.
School officials asked the city to inspect the structure and it was found to be unsafe.
The school says it will try to preserve a number of artifacts from the theater.