After posting Requiem for Resuscitation, I learned of a Austin Historic Preservation Office report on the building that has a more complete and accurate history (PDF). Sorry about not getting all the details correct.
On Monday, April 27, 2009 the Historic Landmark Commission voted to initiate historic zoning on the property.
Let me begin by saying that rehabilitating 405 W. 18th Street will not turn hay into gold, much less save the city in one fail swoop. However, I have grown some fondness—in part due to the seemingly unnecessary neglect—for the building located at the address and feel like I should make some defense of it.