The owners of the old Holland College property on Granville Street in Summerside, P.E.I intend to develop a portion of it.
The APM group plans to build a 10,000 square foot mini-mall on the property's front corner. A large, derelict brick building that dominates the seven- hectare property will remain as is for now.
The owners have been trying for years to find a use for it. APM president Tim Banks told CBC News Tuesday it may eventually be partially or fully demolished.
"We've always looked at it that there's a possibility that we can utilize parts of the building, but at some point we will be taking a significant amount of the building down," said Banks.
"We try to utilize what we can so it's a better carbon foot print for the planet so if we can do it, if it makes economic sense, then we will do it. If not, it will be taken down."
The new mall will open next July. It will house three food and retail businesses.