The massive two-story brick building is located near the corner of Jefferson and Oak streets and is ready for redevelopment now that the city has removed its lead paint and asbestos.
"It's a fabulous old building built of brick, granite and slate," said Ron Harriman, Old Town economic development director. "It's 26,000-square feet on almost three acres. I think it would make a great site for residential use or a combination of residential and commercial space."
The Jefferson Street School opened as the community's high school in the 1890s and later became the elementary school.
The school most recently was home to the Southern Penobscot Regional Program, which moved to Bangor a few years ago.
The request for proposals are being accepted until Aug. 1.