Texaco building on Canal to be renovated for low income seniors

Canal street needs to add a diverse set of residents and this project may be the kick off to that.
In any case, it has long been my contention that tax credits for Canal building owners that renovate their largely empty upstairs floors should be considered; those tax credits would be given with rent controls so that regular people can animate our main street.
However, the Texaco building has been empty for far too long-I wonder how long it will really take to renovate it? I also wonder if this is the beginning of the end of the Iberville housing; this article talks about moving seniors from there. Besides high-rises being sometimes difficult for seniors to navigate it makes me wonder if moving people from there is to change the community aspect of Iberville in order to hand it over to developers.

Texaco building