Like turning water into wine, turning old buildings into new buildings doesn't happen very quickly in Cambridge.

This was evident last night when nearly 80 Cantabrigians gathered at the First Church of Cambridge to consider a proposal to modernize the Read Block--the decaying series of creamcolored buildings at the corner of Mass. Ave. and John F. Kennedy Street.

"We have to understand that this is a culture we have to preserve," Bob Richmond, a Cambridge resident and Tasty patron for almost 50 years, said last night.

This is the only place where bluecollar people can rub elbows with future world leaders," he said.

Although most at the meeting seemed to find tweed jackets and wispy white hair in vogue, many younger residents showed up to hear about the future of the buildings which house such venerable eating establishments as The Tasty and the recently-closed Wursthaus Restaurant.

The meeting was designed to give city residents an opportunity to voice their reactions to the project after hearing presentations on the current proposal by the Cambridge Savings Bank, the current owner of the buildings.

Although most comments were polite, tension seemed tacit in much of the discussion that followed the presentation by W. Easley Hammer, the Cambridge architect handling the project.

Some felt that instead of considering the viability of the design plan, city residents should be discussing whether it is possible to save the building.

"The central issue for now should not be what type of building should be built but whether we are willing to give up one of the last wooden framed structures in Harvard Square," said Matthew Cohen, an architect and Cambridge resident.

But other local residents and business owners stressed that the design of the building is also very important.

"This is a part of Americana," said Tasty owner Peter Hadad. "Stainless steel and glass awnings are gonna look like shit."

With its central location and decrepit condition, the building offers a tremendous challenge for historical preservationists and developers searching to forge a compromise.

The proposal reviewed by the public last night will be put before the Cambridge Historical Commission in early January