Wow that does not look promising at all. And it partially blocks the building from the south. Terrible.
EDIT: I think I remember the front page story on this development mentioning the low probability of having the great city view from southern facing units blocked in the near future. Looks like UT will have to eat its words.
Old in what sense ? The TD center is old as well ...
The age of the building is not a factor, what matters is how well maintained /updated it is. I can't speak to that, so potentially you are correct and it falls short of any new commercial development. But in no way is it comparable to Imperial Plaza in the sense of what shape the building is in.
Now this is where the city should play a role no ? Lets assume for the land owner they can indeed make more money (including demolition costs) as a residential property. The city must designate the land as employment only ... hence blocking any such development from taking place.
Its a completely different story with say Imperial Plaza, were millions (if not more) were required to update it such that tenants would be interested.