T.S. Nestor and the Popham Building

Tropical Storm Nestor slung past the Apalachicola area last weekend, and while there wasn't a lot of damage, the results do give some food for thought on how a proposed project should proceed.  Here are three articles from The Times covering the issue:

• Nestor a Washout – Scroll around on the carousel for a pic of the Popham building, barely above water. It's the one with the bridge in the background.  That was only a tropical storm.
• City Moves Forward with Popham Application – The Monday before the storm, the City decided to go ahead and request $600,000 from the State to begin restoration.
• What Became of Popham's "Oyster Factory" – Some deeper background in an article from last May.

I'm not saying what to do here.  My mind is not made up, nor do I (yet) vote there, nor have I heard all sides of the issue.  However, I do know that the Popham building is very low, has flooded repeatedly, and has been a commercial flail-about for at least the last 40 years.  Sometimes, it is time to stop pouring good money after bad and just let go.  On the other hand, the building is extremely picturesque, still might be put to good use (if anybody can figure that part out), and is right there at the eastern gateway to the town.  Sometimes, it is time to go to the mat to save a historic building.

Anyway, food for thought.
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Edit, sometime much later: Those carousel pictures tend to go away, so here's the pic of the Popham from the first linked article:

Better wear your hip boots if you're doing business in the Popham.