SPRINGFIELD - The city's Historical Commission on Thursday temporarily blocked plans by businessman Victor Bruno to demolish a downtown building despite testimony that saving the structure is financially unfeasible.

By a 4-0 vote, the commission upheld a nine-month delay on demolition of the Underwood Building at 280-302 Worthington St., owned by Bruno. The razing is on hold under the city's demolition delay ordinance, which is designed to protect historically significant buildings.

The 1916 building is in such poor shape that it cannot reasonably be leased and is uninsurable, said Thomas A. Kenefick III, Bruno's lawyer. The cost of repstoring it is estimated at $4.2 million.

"It's much like the Titanic," Kenefick said. "Functionally, financially, it's just a disaster."

Historical Commission members and McKnight resident Jim Boone, however, said it is a historically significant property that is a century old and an important part of the downtown architecture. One of its early tenants was the Underwood typewriter company, and other past tenants included the Knights of Columbus and Eastern States Exposition offices.

"It is an integral part of the streetscape," Boone said. "We cannot demolish our way to prosperity."

Bruno is proposing to demolish the building and use the property initially as a parking lot. It would be "shovel ready" for future development, he said. There is a serious need for parking in that area, he said, and his site could help meet that need pending future development.

Bruno presented a January letter from an insurance company, Webber & Grinnell, stating it could not find an insurer for the building due to conditions listed as: a frequently flooded basement, mold, mildew, fungus, public water main and city backflow prevention issues, roof leaks, age and condition of the electrical system, concerns over structural damage, and overall building condition and lack of repair.

Bruno applied for a demolition permit in October, triggering the automatic nine-month delay because the building was constructed more than 100 years ago. With the waiver denied Thursday, the hold is scheduled to expire in July.

The Historical Commission has proposed designating the Underwood a single-building historic district. If approved by the City Council, the designation could further hinder Bruno's efforts.

On Thursday, representatives of NAI Plotkin, a commercial real estate company in Springfield, said their analysis of the property concluded it would be "financially irresponsible" to undertake a renovation given the extreme costs and projected future rent income.

Evan Plotkin, president, and Liam Reynolds, vice president of brokerage services, said they are advocates of historic preservation, but believe the building is beyond saving.

Heriberto Flores, a local developer, said he too has a record of historic preservation, but sees no feasible way to save the building.

Historical Commission member Thomas Belton said that when a property owner believes he has explored all options, "that's when you dig a little further." He said the role of the commission is protection of historically significant buildings, and the site fits that criteria.

Other commissioners voting to uphold the nine-month delay were Chairman Ben Murphy and members Steven Shultis and Virginia Rowe.

Bruno's exemption application stated in part: "Currently there is no way to renovate the structure without incurring expenses that are vastly disproportionate to any reasonably forecast benefit/profit from such a project."

There are insufficient preservation grant opportunities, and the application process is very long and costly, Bruno and supporters said. The waiver application said that pursuing historic state and federal tax credits could take two years and the process alone could cost the owner $600,000.

Bruno owns two restaurants on Worthington Street: Adolfo's and the new Art-e'-Pizza, and said he has invested in Springfield through good times and bad.