The BOK Arena - We've got you surrounded!

[PonderInc]

"If you build it, they will come."  But where will they go?  The other day, I rode my bike in a circle around the arena construction site... and it confirmed what I've long thought.  The arena seems to be surrounded by immovable objects...with little opportunity for development.

3rd and Denver: Bus station and US Post Office.
3rd Street: Post office Parking
3rd and Frisco (?): Convention Center parking lot and the "Green Spaces" building with those huge A/C looking thingies.
Frisco from 2nd to 1st:  some huge beige building (though it is ugly...can we tear it down?)
1st and Denver: Sherriff's building, some huge electric power stuff, and the BOK drive thru.  
Denver from 2nd to 3rd: the parking lot which includes the Towerview Apts...which will become a hotel site.  (I guess we need a hotel, but I sure wish this block could be filled instead with an array of smaller buildings: shops, restaurants, bars...)

Right now, aside from the Towerview lot, the only space that's essentially unused is a thin strip of land between 1st street and the RR.  Looks like the county might own it, based upon the collection of junk that's parked there.  And there is this one intriguing building at 1st and Elwood:

 

Please, please, please...can we try not to tear it down?

Anybody know what it is, who owns it, or what the plans are for that land?