The redevelopment of Ashford's iconic Charter House has been mothballed for a year because of the recession.
Developers Dukelease Properties said it had hoped to start converting the town centre's landmark building to flats next month but have now put it off until autumn next year.
Chief executive Richard Leslie told the Kentish Express: “We have had to mothball the scheme for a year because of two problems, funding and demand.
“Firstly because of the lack of credit available, secondly because of problems in selling the flats.
“People cannot get a mortgage, do not have the confidence of getting a good deal at the moment and of course are also worried about their jobs.”
But Mr Leslie said he was hopeful the situation would improve because of the arrival of the high speed rail link in December and because the price increase for the service would only be 20 per cent - less than originally anticipated.
He hoped in the meantime that the building could used for short-term office space.
He said: “This would be an excellent opportunity for local businesses.”
Dukelease Properties last November got the go-ahead from Ashford council to convert the site to provide 334 homes, with 20 per cent reserved for a housing association.
Two extra buildings would be provided for 110 of the flats.
A total 9,880 sq ft of floorspace on the nine-storey building, which is Ashford’s tallest, would be provided for offices.
Any business interested in taking office space at Charter House short term should contact Vaughan Hughes of Atrium Chartered Surveyors on 01233 646465.