What's Going on at Palazzo Chupi?

Does this scaffolding going up at Palazzo Chupi mean that there’s a new paint job in store for the building?

The building was scrutinized recently for losing its previous “Pompeii red” exterior color and fading to a faint pink. A close-up photo of the building shows that the exterior is fading and looks deteriorated, with multiple colors or possibly staining creating an inconsistent appearance:

The Department of Buildings currently only has permit information showing the scaffolding and sidewalk shed were to be installed, with no further information on what type of construction will be taking place on site.

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