If all goes as planned, the old Cashwise building could be home to a new Austin business.

Though the name of the potential business has not yet been released, Community Development Director Craig Hoium said movement on the project could likely take place in the building this year.

Hoium said an architectural company is working on the potential project that could house the Cashwise Foods building. But until the lease is signed, those involved aren’t making any announcements.

“They are really close to leasing out the southerly portion of the Cashwise building, but I do not have any specific names right now,” Hoium said.

Hoium said the vacant building, along with the old Kmart building, has been marketed through the city’s broker to big box retail outlets.

“That property there (Cashwise building) is actually very prime property, located in the heart of our retail area,” he said.

The Cashwise building has remained vacant for the last few years, while Kmart closed its doors in February of 2010.

Hoium said the city has also been approached by two separate parties interested in building strip centers along 18th Avenue Northwest.

“One has been on hold for a couple of years now, and one is just completing the design aspect of the project,” he said.

If all goes through, details relating to the latter project could be released in 2011.