The battle over the stalled Filene’s tower project just keeps roiling amid a neverending volley of threats and insults hurled between Boston City Hall and brash Big Apple developer Vornado.

But as the years tick by and efforts by Vornado to sell the project flounder, the threat of decay and decline is mounting for the Filene’s building itself, the Hub architectural gem caught in the middle of this mess.

The 19th century-retail palace was designated a landmark a few years ago for both its ornate façade and as a symbol of the progressive business policies of Edward Filene.

But plans to build a showcase tower next door resulted only in a big hole in the ground. Meanwhile, the Filene’s building sits empty and cold – for the better part of three years and counting, now – taking the abuse doled out by a record-breaking winter of monster snow storms.

All of which is disturbing, to say the least, for a city that supposedly reveres its history and which is so heavily reliant on the tourist trade that history provides.

“It’s important that people don’t forget that that building is just sitting there,” said Sarah Kelly, executive director of the Boston Preservation Alliance. “It is always better for a building to be occupied, for it to be heated, for people to be in there to identify potential problems.”

Hurry Up And Wait

Vornado, in theory anyway, is supposed to be selling the hole it dug in the heart of Downtown Crossing and the Filene’s building as well. But that process is headed nowhere fast, industry observers say.

In a major impediment to a deal, Vornado is holding out for big money, as much as $100 million, according to one industry observer.

That number might have made some tenuous sense a few years ago, but it is complete nonsense now.

Ironically, in retaliation for perceived foot-dragging by Vornado honcho Steve Roth, City Hall has stripped the project of the permits needed to build the long-planned mega tower complex.

Did that hurt the big fellas down in New York? Sure, it probably did. But by stripping away much of the remaining value, the city also made it that much harder for Vornado to exit with a sales price it will be satisfied with.

That’s assuming Vornado really wants to get out – and is not simply trying to wait out Boston Mayor Thomas M. Menino and get a better deal in five or 10 years when someone else is in charge. Looks like that memo on the mayor’s lifetime job guarantee didn’t make it down to New York.

Regardless, Vornado appears to be in no hurry, essentially telling prospective buyers “don’t call us, we’ll call you,” one local industry executive told me.

At the mercy of this petty feud is a building that Bostonians should be rallying to save, but aren’t. In a city with a history that has had its share of dark moments, the Filene’s building is a bright spot.

First there is the architecture – it is the last major building designed by renowned architect Daniel Burnham, whose works include Union Station in Washington, D.C., and the Flatiron Building in New York.

But the 1912 neo-classical retail complex may be as equally important as a memorial to Edward Filene.

In fact, his legacy stands in sharp contrast to the bare-knuckled business practices of Vornado’s blunt-speaking chief, who infamously bragged about letting a Manhattan site become derelict in a ploy to extract government concessions.

Ahead Of The Times

One of the most progressive-thinking businessmen in this country’s history, Filene puts today’s jaded and grasping tycoons to shame.

Edward Filene may be best known for his retail industry innovations, including Filene’s Basement, automatic markdowns and money-back guarantees. But Filene was much more than a sharp salesman – he actually believed a happy workforce would be a good workforce.

He’s the kind of guy who today would get branded by half-baked Tea Partiers as a “socialist,” though he was anything but.

After a trip to India where he saw villagers pool their money and give out loans, Filene opened a credit union for his employees, sparking what would become a nationwide movement. Filene also rolled out a profit-sharing program, a 40-hour work week, paid vacations and health clinics.

He even started a company union and encouraged employees to negotiate wages and benefits.

All of which makes the state of Filene’s downtown Boston retail palace all that much sadder.

About the only good news is that while the Filene’s building has generally slipped off the public’s radar screen, local historic preservationists are having a harder time letting go.

With no buyer on the horizon, Kelly, whose Boston Preservation Alliance fought successfully to make Filene’s an historic landmark, was gearing up last week for a round of calls to check in on the old building.

Still, it’s a lonely battle right now for those fighting to preserve a notably inspiring piece of Boston history.

“The best thing for the building is for the project to move forward,” she said.