Officials "made the difficult decision to cancel the event for the safety of the community," according to a press release.
Work will begin this month and will be complete by November 2018. Funding for the project came from private sources.
The building, formerly Union Station, landed on the elite list in part for its art deco architecture.
The former train station that’s home to the Durham Museum has long been recognized as an important local landmark, and now its prominence has been established nationally.