The parking idea made me think they could just brace the facade and make it a surface lot/garage for the rest of the block. It is not ideal but the idea behind surface parking is supposed to be land banking, preserving for a "future" economic opportunity.
If they could shoehorn a precast garage behind that facede it would certainly be preferable to living next to the facade-less garages being built in the 2300 walnut and denargo developments.
There is that garage at 14th and Wazee with the brick facade, also I vaguely remember a surface lot on 14th in the 90's with remnants of the old building as "landscaping"
I also thought of this one in Portland, talk about prime real estate.
that being said I like bcp's plan better.
and of course being an architecture nerd, with lots of budget I would try to mirror the facade above itself in steel or sleek glass or something, see Caixa Forum, Madrid by Herzog & de Meuron