I think its interesting to note that the building kitty-corner to this one has a somewhat similar facade design and massing as this. I think the color palette makes a huge difference... green and white is like a bad PSU Vikings combo.
However, I don't think that this particular building would be a huge loss; there have been a lot of rehabs of historic buildings in the Pearl. I think that the rest of the 1/4 block older buildings within 2 blocks of this site will have a very high chance of also being knocked down for larger projects, however. Land prices are just too high - this site is valued at:
Property ID R140549: $620,530.00
Property ID R140550: $602,460.00
Huh. A lot cheaper than what I had expected. The land under the restaurant "Sushi Land" (2 blocks away) is valued at $1.4 million for about the same sq footage.