Given the nature of our city, the scope of our existing home-grown real estate establishment, etc etc there is not a whole lot of desire/capability/talent/will to transform this building into a new use resting within our own private sector (at this time), let alone the non-profit sector.
This shouldn't be in the hands of a non-profit if we want this building to survive. Frankly, without it being in any immediate "path of progress" for at least a few years, I don't see the private sector touching this either for the foreseeable future.
The city should just take control of it and stabilize it enough to be secure for the next few years (i.e. do what was done with the marble bank building by putting up a new roof and stabilizing the walls). With the money saved from being dumped on Lot J, this is an example of something the city could do, if there is a will.
Letting it rot with a "local" non-profit in the name of political correctness will ensure its demise.