Tauranga's $6.3 million white elephant, the former Cosmopolitan Club building next to Blake Park, could be converted into a high performance sports training centre.
The council-owned building has sat largely unused since it was purchased five years ago as part of a deal with Mount Greens Sports, in which the club shifted into the new Totara St complex.
A new future for the 50-year-old building and carpark has been proposed by Bay Venues Ltd (BVL), the council's commercial arm that runs the city's stadiums and aquatic centres including Baypark.
The cash-strapped council would need to find nearly $1 million to upgrade the old building, including seismic strengthening.
If the council found the money, BVL said it would set about securing $2 million by March 31 in order to progress their side of the deal, including internal fit-outs and gym equipment.