Hanmer Springs Thermal Pools is looking for an investor for a luxury spa it is proposing on the site of the town's old drug and alcohol rehabilitation centre.
The company hopes to develop a complex with indoor and outdoor pools, a steam room and an ice cave in the category one-listed Chisholm Ward building; part of the now abandoned Queen Mary Hospital.
The thermal pool company is wholly owned by Hurunui District Council.
General manager Graeme Abbot said he hoped a private investor would put up at least half of the $15 million cost of the new development.
He said a feasibility study showed the demand was there for another thermal retreat, and he would like to see new life breathed into the historic ward, which has stood empty for 12 years.