However, the local community board would need to raise an estimated $160,000 to get it across the line.
Today, the Tuatapere Community Board will discuss a report compiled by community facilities manager Mark Day after a budget estimate from Southern Quantity Surveyors.
The document said the money would be only a "starting point'' as there was no "clear understanding of what the building will be used for''.
Additional costs would also need to be considered.
Cr George Harpur said the building had not been used for eight years, and there was no specific plan or tenant yet.
He understood it could be used as a coffee shop or museum.
The final decision would be made by the community.
"It is quite a large cost. It's about the local people, to know if they want to spend the money or not.''
Tuatapere's resident Helen McKay supported refurbishment.
"We heard from our community board they would inspect it ... we are all hoping they don't want to pull it down.''
She believed the community would attempt to "save it'' should the committee vote to demolish it.
Waiau Hotel owner Marg McCullough agreed and said the place would be ideal for a museum.
"We want to see something done with the building ... It's about preserving part of our history.''
Community board chairwoman Margaret Thomas declined to comment before the meeting.
The Tuatapere railway line opened in 1909 and closed in 1976.
