According to the Evening Star a developer has purchased the wine rack.
The proposal involves calling for a multi storey car park although the developer also acknowledges the very high traffic volumes on the Star Lane gyratory.
To make it more appealing for people to access the Waterfront from the town centre he proposes an elevated pedestrian walkway.

http://www.ipswichstar.co.uk/news/ipswich_new_owner_of_the_wine_rack_vows_to_complete_luxury_flats_development_and_expresses_hope_for_foot_bridge_to_link_the_waterfront_to_the_town_centre_1_3713316