The initiative is already receiving support from the wider Dunedin community.
The category 1-listed historic building has been put on the market by its American owners Ray and Gwynn Joseph.
The 30,000sqm building has 75 rooms, more than 50 of which are leased for low rents by various musicians, artists, photographers, dance and martial arts studios as well as community learning organisations.
The groups are concerned that a new owner might evict the tenants and turn it into apartments or a hotel.
So former long-term King Edward Court (KEC) manager Roberta Coutts said she and some existing tenants had established a working group that was passionate about preserving the building and keeping it operating as an arts hub.
The aim was to create a charitable trust with not-for-profit aims, to ensure spaces remained available for the community.
"This group aims to raise the funds needed to purchase the building and maintain it for use as Dunedin’s cultural hub.
"KEC was built by the Dunedin community to serve its residents and the group wants it to continue that role."
She said any money left over after the purchase would be reinvested into the building to ensure its longevity and preservation.
"The group believes that this beautiful, iconic, historical structure deserves to be treated with respect, cared for, restored and protected inside and out.
"It needs to be made safe for future generations and open for use for the residents of Dunedin to enjoy.
"We are calling for all the help we can get from anyone who has something to offer."
Following this week’s announcement that the building was for sale, she said urgent work was under way to set up the systems needed to accept donations, obtain professional assistance and establish a public profile.
Earlier this week, building manager Kathryn Olcott confirmed the building was for sale and believed an offer might already have been made on the building.
However, it was still not known who had made it, how much was offered, or which real estate company it was being sold through.
Tenant Adrian Mann said the initiative was already receiving a lot of support from other organisations in the community, as well as members of the public.
He said many tenants were getting behind the working group because they were scared the sale of the building would affect their businesses.
It was a building where people could go to foster their passions, whether it be art, dance, music or martial arts, and if the building was closed to the organisations running those studios, it would be "a huge blow" for the community, he said.
Attempts to contact Mr and Mrs Joseph were unsuccessful.
- Any offers of help could be directed to www.kingedwardcourt.org.nz
