Demolish and build, reportedly (4)
I believe the answer is:
raze
'demolish' is the definition.
(I've seen this before)
'build reportedly' is the wordplay.
'build' becomes 'raise' (raising is a kind of building).
'reportedly' shows a homophone (sound like).
'raise' sounds like 'RAZE'.
'and' acts as a link.
(Other definitions for raze that I've seen before include "level" , "Tear down and make flat with the ground" , "Tear down and flatten" , "Burn to the ground" , "fell" .)