I don't know that the present building is viable but new construction could very well be residential and multi-purpose at a ground level and could be tastefully done with keynotes that would satisfy all. Sidewalk cafes and the odd shop. Streetside sunshades and a tree or two. How this would all be blended in with modern materials is not known. Design inspiration is required. That frontage is very valuable not only in money but also in the visual mind of the people.