The Phillipsburg building that partially collapsed early Saturday morning dates back to the 1800s.
Located on Union Square, it was originally a horse stable for the nearby railroad tracks and once served as a car dealership.
Bucks County architect Jim Guerra, who owns the structure, says he's already spent close to $40,000 renovating the building.
He's still hopeful it can be saved and turned into retail shops, but neighbors aren't so sure.
Guerra said, "The building is insured, and so I think, if the insurance company can put it back to where we were, we're in good shape."
Phillipsburg resident Karl Kraus said, "The thing of it is, a building like that, with that kind of structural damage to it, those are knockdowns nowadays."
Crews will demolish the damaged corner of the building before deciding whether they can save the rest of the structure.