The provincial government is still looking for a buyer for the former Moncton Detention Centre.
The property in downtown Moncton has been on the market for months, but has not attracted any offers.
The asking price is $700,000.
"I think there are people that would be maybe interested in developing that on a commercial basis or to do maybe a condo or commercial retail or things like that," said Transportation and Intrastructure Minister Claude Williams. "It's prime space."
Williams said there was one interested party, but a deal never materialized.
The 40-year-old building has been empty since the fall of 2012, when the province opened a new jail in Shediac.
While the building is not in use, the province still has expenses associated with its upkeep.
"At this time we just keep the minimum maintenance upkeep but certainly there is some cost associated at keeping this on our inventory," said Williams.
The building is 1,549 sq. metres in size.
Williams says the property might not be selling because of a softer economy.
"Maybe the timing based on the economic conditions is not appropriate at this time but if there's improved condition we might see somebody coming forward."
Conditions for the sale is the property must be redeveloped and the land can't be used for a parking lot or garage.