Mostly one story
The water level has about twenty boat slips, not enough height for "big boats", but good for those around in the 20's and 30's, narrow by today's standards. The main ball room, of course, is one level. To the east there is an area raise a step or two, and on the south side there is a balcony. On the north side of the ballroom dance floor is a small stage for bands.
Aside from the fact hat there is no winter population to support a fitness center, the entire building would require huge conversion to insulate, heat and air condition.
For major upgrade, I think you're buying the footprint, and otherwise need to start over. Witness the size of the project to remove and replace the MP headquarters which was a 1960 era building and still way outdated.
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