The broker Todd Collins said redeveloping the structure would be too costly to get a good ROI; in addition to the renovation costs, the space is too small to generate enough rent for a redevelopment to make sense, so it will have to build up. And while, yes, the Pearl was originally a hot spot for adaptive reuse renovations, more recent developments have been of the demolish-and-build-up variety to take advantage of relaxing height restrictions.

And in case the story did not make this clear, the development the owners have in mind is not condos.

If there is no immediate developer just waiting to build new condos, why not re-use the space in a more creative way? I’m sure there are artists, brewers, entrepreneurs, urban farmers, and other people with great ideas that could transform the space as it is – without a wrecking ball. Let’s not forget the Pearl District’s origins as a neighborhood that grew out of creative re-use of existing structures. Businesses and commercial space are needed in order to keep the condos filled and the neighborhood vibrant.