Residents of St. Stephen, N.B. have joined forces to save their historic town hall from the wrecking ball, and among them is a mystery developer who wishes to remain anonymous.

“It’s a jewel on our waterfront,” says Margaret Williamson of the River Arts Resource Council, an arts group that wants the town to reverse plans to demolish the building.

“It’s the most historic building left in St. Stephen and most people are horrified at the thought of it being gone.”

Originally built as a post office in the 1880s, the building eventually became the town hall, and was declared a national historic site in the 1980s.

But the town offices moved out years ago and council voted to demolish the building, putting out a call for bids. So far, a demolition contract has not been awarded.

Mayor John Quartermain says the town is holding off on awarding the demolition contract for now because an unnamed investor recently came forward, expressing an interest in developing the building.

Town officials say the potential developer has experience in restoring heritage buildings, but wishes to remain anonymous, at least for now.

Meanwhile, more community leaders are getting involved in the fight to save the town hall from the wrecking ball.

“When you look down Milltown Boulevard in St. Stephen, it’s iconic,” says Liberal MP Karen Ludwig. “That building has been sitting dormant for a very long time and now that it’s the 23rd hour, people start to react and people are interested. They’re engaged.”

Ludwig is also looking into the possibility of federal funding.

“We want to explore all kinds of grants from federal and provincial governments, from foundations, from crowdfunding,” she says. “We need time, absolutely.”

Town officials aren’t saying how long they’re willing to hold off on demolition, but as the condition of the building deteriorates, they warn that the wrecking ball will not be delayed indefinitely.

With files from CTV Atlantic's Mike Cameron