The township council voted this week to authorize the solicitation of brokerage services in hopes of hiring a real estate broker to rent out space in Civic Plaza.
Civic Plaza is a former strip mall located on Chambers Bridge Road that is now owned by the township.
The building, which currently houses the township's recreation office, was put up for sale in January, but negotiations with a potential buyer fell through, and officials made the decision last month to retain the property.
Now, township leaders hope the site may generate revenue from private leases. Because the building was purchased with tax-free bonds, the township was not able to rent out the space in the past. Now, however, the debt service on the building has been paid off and the space can be rented out.
Last month, Councilman Jim Fozman said space will be rented out at "market rate."
Mayor Stephen C. Acropolis has said the building could generate about $400,000 in leasing revenue per year.
Some township officials have floated the idea of using the site for a senior center, however there was no indication such a move was imminent.
Civic Plaza was purchased by the township about a decade ago for $960,000. Though no exact figures were made public, officials hinted at the time they put the building up for sale that an appraisal indicatedits value was in the neighborhood of $2 million.