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Improvements on Gay Street.-We are pleased to observe that some fine improvements are in progress on Gay street, in the immediate vicinity of the Sun office, both north and south of Baltimore street, which when finished, will very greatly benefit the neighborhood, and doubtless prove to be a profitable investment of the capital required in the construction.  This part of the city is rapidly becoming one of the main business thoroughfares in Baltimore, and now presents a very different aspect from that which greeted our vision a few years since.  The old dwelling and store, so long occupied by the late Mr. Kennedy, chair manufacturer has been torn down to make room for fine new stores and dwellings, which are immediately to be erected by Messrs. Hooper & Stevens, house carpenters, for Messrs. --- Williams & Co.  The improvements on the "old city lot" on South Gay street, by Messrs. John Boyd & Son, we also observe, are approaching completion, and reflect credit on the contractor, Mr. G. H. Shipley.  There are three large buildings designed for stores and dwellings, having a front of about ninety feet on Gay street, and running back about eighty feet, which, when completed, will, we think, find ready occupants, as they have been constructed with a regard for both beauty and convenience, and centrally located.  In the rear of these improvements, fronting on Tripolet's alley, the same gentlemen have in course of erection a row of small two story dwellings, five in number.  Also a very large and substantial building adjoining, designed for their bottling establishment, a stable, and other conveniences which will soon be finished, enabling them to prosecute their business on a more extensive scale.