Internal Services Minister Labi Kousoulis says the government will partner with a private sector company to at least maintain the facade of the Dennis Building.
But Kousoulis says some discussions have focused on restoring the provincially-owned building within its current structure.
He says one suggestion was to turn the building on the corner of Granville and George streets into a boutique hotel.
Kousoulis says the province will make a decision on the plan for the building within the next few months.
He says mould and asbestos is currently being removed, with those efforts expected to wrap up by early summer.
The National Trust website says the Dennis Building was built in 1863 by T & E Kenny Drygoods.