As of this afternoon, there is still no additional information about TMT Development’s plans for the Cornelius Hotel. The City claims to be unaware of any application to demolish and nothing shows on-line via PortlandMaps.com. Regardless, there is a detailed process in Portland when someone wishes to demolish a designated historic structure like this.
You can download the City’s Historical Reviews information here. http://www.portlandonline.com/bds/index.cfm?a=53488 This explains the various review processes for historic buildings, including demolition review, which can be found in the last section of the document.
If TMT decides to move forward with a demolition, it is likely that the City Council would ultimately decide whether or not to approve such action. The process could take several months, but we will continue to monitor the situation and post any information we can get about the status of the Cornelius Hotel.
Portland Preservation 
I believe this to be an important structure that reinforces the character of the neighborhood — as well, informing our lives with our history and culture. The architects are significant to the history architecture in Oregon– they are credited with introducing the Prairie Style. The owner, Cornelius, is significant in the history of championing Portland development with quality architecture. This building deserves.preservation for future generations.
Here’s the latest information on the Cornelius Hotel, courtesy of the Oregonian. http://www.oregonlive.com/front-porch/index.ssf/2013/06/tmt_developement_seeks_demolit.html