The City of Cranbrook has received a conditional offer on the old fire hall, which has been on the market since July 2015.
The news was announced by Mayor Lee Pratt on Wednesday at a Chamber of Commerce luncheon where he gave an update on city business over the last year.
"I will tell you we have accepted a conditional offer for the sale of the old fire hall," Pratt told the crowd, adding that the potential buyer is going through their due diligence in terms of investigating the structure, which requires significant engineering, electrical and mechanical work.
"We expect this process to be wrapped up by mid-December at the latest, at which point we can provide more details on the sale and what is expected to be developed there."
The building, considered a heritage structure, was built in 1929 and recently served as the city's fire hall until a new building was opened in 2011 on 2nd St.
The old fire hall is on the block for $250,000 after a price drop of $99,000 in April 2016.
City council rezoned the property from P1 — Public Institutional, to C1, a commercial designation that opens up the land use options for potential buyers.