The Catholic Church is hoping to preserve the historic Dominican Priory following a North Island developer pulling out of the project.
In 2005 the Smith St building was sold to unnamed buyer, who was investigating redeveloping the 132-year-old building for apartments, while the Church retained the adjoining bluestone building beside St Joseph's Cathedral.
Subject to a number of conditions, and coupled with the difficult economic climate, the sale of the "quirky building" was unable to be completed, Roman Catholic Diocese of Dunedin general manager Stuart Young said.
While it was too expensive for the Church to develop, a conservator was compiling a report to determine "what we can and cannot do with the building".
"We want to preserve the building. That is the key focus, but it is beyond our resources to achieve that."
The first aim for the Church would be to secure the property, and have the slate roof repaired before an approach to community funders was made, Mr Young said.
"I am keen to get the roof done in the next six to nine months, it is seriously leaking in one end."
The priory was believed to be the largest un-reinforced concrete building in the southern hemisphere, and was designed by Francis Petre, who also designed St Joseph's Cathedral and Cargill's Castle in St Clair.
