MIDDLEBORO — The historic Peirce Building in downtown Middleboro will be converted into office space and apartments, if Town Meeting voters approve a proposal from a Plymouth-based firm.

The plan, which was presented at the March 4 Select Board meeting, calls for a 99-year lease of the building at 99 North Main St. by RJS Property Services. The company has proposed creating one or two office spaces in the front of the building and eight one or two-bedroom apartments to the rear.

The company will pay $1,000 per month for 99 years, for a total revenue to the town of about $2 million over the life of the lease.

They are committed to “maintaining the Peirce Building’s historic exterior and to preserve as much historic value as possible in the building’s interior,’’ according to a letter from Town Manager James McGrail to the select board.

In his request for funding for the project, RJS Property Services Manager Richard Stefani described the building as “an ideal location, nearby to the new train station and close to Route 495.’’

The proposal offers other benefits for the town, he wrote, including “housing for residential tenants in the business district,’’ who would then “frequent the local restaurants and stores that would be walking distance from their residence.’’

Taxpayers would also benefit, he wrote, because the town would no longer have to pay to maintain the building.

Town resident Matt Phillips questioned why the town could not receive more than $1,000 a month, considering that the tax revenue the building could generate was estimated at $14,000 per year.

Select board member Brian Giovanoni countered that the town would save on maintenance and other related expenses. The cost to paint the building alone will run about $34,000, he said.

“This is the best possible solution under the circumstances,’’ said select board Neil Rosenthal, who noted that the developer would maintain the historic integrity of the structure, which had been a major concern to many town residents.

The proposal marks the latest chapter in a lengthy and sometimes controversial townwide discussion about the future of the historic building.

The structure was built in 1808 and is listed on the National Register of Historic Places. The building originally served as home to the Peirce General Store and eventually became town property in 1935, when the police department moved in. The building has stood vacant since the police department relocated to its current site on Wood Street in 2018.

A historical restriction has been placed on the property that requires the exterior to remain historically accurate. Any bid on the project, whether for lease or sale, would have to honor that restriction, McGrail said. 

A group that had been charged with exploring possible uses for the building, The Peirce Building Reuse Committee, estimated the cost of renovating the structure at around $5 million. The building, supporters had said, could house a community center and a mix of public and private spaces.

Some in town questioned how the project would be paid for and said that work needed on other buildings in town should be prioritized. 

This concept, select board member Thomas White said, would ensure a “perfectly maintained building [that will] still be ours in 99 years.’’