I think realistically the three ways MCS get's redone is

A) if some pie-in-the-sky plan by some big name developer comes along and does it. Someone like a Donald Trump, any person who can throw away a ton of money and not give a shit. Does it mean the development is successful and lasts? No. But it's an idea.

B) Corktown continues to re-brand itself and develops more and more. MCS is almost entirely surrounded by new developments or potential developments [[CPA Building anyone?). Obviously this will take some time. Maybe Matty or a developer at that point will be willing to sink in the money required to turn it into a hotel/convention center/planetarium/residential/whatever.

C) Last but not least [[although most probable in my opinion) is tearing down the tower and keeping the grand entrance way. You can still have a railway station out back [[assuming high speed links Detroit to Ann Arbor or Dearborn at some point) and use the remaining space as whatever you could imagine. I'm curious to see what the delta is between redeveloping the entire structure vs the entrance.