"The Monaco building will fall. It's not about erasing history but starting to tell it in honour of our true heroes: the victims. It's not about erasing history but starting to tell it from the right side; that of the victims and the innocent heroes", Medellin town hall said on its Twitter page ahead of the planned demolition.
Instead of the building, a 5,000 square metre (54,00 square feet) memorial space will reportedly be constructed to honour the thousands of victims killed during the 1980s and 90s as drug traffickers engaged in a bloody war against the authorities.
On 21 February, the town hall introduced the work Innocent Heroes by sculptor Cristobal Gaviria in El Poblado Park as a tribute to the victims of the violence.
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Pablo Escobar was known as one of the world's richest men, according to Forbes magazine. He was also purportedly one of the richest drug barons in the world and was killed by police in 1993.