Florence City Council members legally transferred the land at the corner of Irby Street and West Evans Street Monday to Francis Marion University to build a new medical school.
The city is demolishing the 97-year-old Trust Building to make way for the $15 million Medical and Health Sciences Complex in downtown Florence.
Crews say they're tearing out the building's basement and expect the demolition to be finished in a couple of weeks.
Construction on FMU's medical school is scheduled to start this fall.
Construction is expected to be completed on the medical school's planned 3-story building by the summer of 2016
The path for demolition was met with protests from two historic groups in Florence.
The groups argued that the Trust Building is a landmark and is listed on the National Register of Historic Places.
However, the Florence Design Review Board voted 6-1 to allow the city to tear down the seven-story skyscraper.