The former Keighley College building in North Street will be demolished if nobody comes forward to buy it.
Bradford Council put the four-storey building – vacated by staff and students in 2010 – on the market this month.
But the Council’s regeneration chief has admitted that the long-term plan was still to demolish the building if no alternative could be found.
Coun David Green said: “We are still intending to demolish it but, as part of the planning process, we have to demonstrate whether there is a viable or sustainable alternative use of the building.
“We have put out adverts for expressions of interest and, if somebody comes to us with a scheme that is viable both economically and in line with the Council's strategic plans, we will look at it.
“If there is no market interest and we have to demolish it, there will be a gap between that building coming down and something happening on the site.”
The sale offer refers to the biggest of the two town centre college buildings, not its sister building which fronts onto Cavendish Street.
A footbridge that connects the two buildings is due to be removed before the sale goes through.
Keighley West Labour councillor Dr Keith Dredge, who studied at the college in 2000, said the North Street building is in poor condition.
He hoped the site would not suffer the same fate as land at Bradford city centre, which has been earmarked for the Westfield shopping centre development but has remained vacant for several years.
Coun Dredge said something must be done with the college site. He added: "We certainly don't want a repeat of the hole in the middle of Bradford.”
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