Character? Much of it is in squalor. There is trash everywhere, it smells (seriously, the streets stink, especially Harrison/Tyler/Hudson between Kneeland and Beach), many buildings are in rough shape, and few are actually worth saving. Chinatown needs a serious shove in the right direction.
As for the building itself: I would rather it be built on the empty lot next door and this facade being saved (even if it's not great) but if it gets built and helps drive investment in the Essex/Chauncy/Harrison intersection around the corner that's a big win.