'tore down the building' is using the very verb in its usual sense, of pulling or ripping (something) apart or to pieces with force.
Colloquially, 'tore' has the meaning 'to move very quickly, typically in a reckless or excited manner" e.g. "He heard his friend beep the car horn impatiently, and tore out of the house to meet him."
and as in your sentence:
"They tore down the street."
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