The jury is out on the future of a critical downtown Worcester redevelopment project, with plans to auction off the city’s historic former courthouse complex canceled after drawing interest from only one potential bidder.

Quincy-based Acorn Management, which has what it calls “a particular comfort in rehabilitating historic buildings,” was the only firm to submit bidding qualifications to the state Division of Capital Asset Management (DCAM) in advance of the planned Jan. 19 auction. For now, the property will remain in redevelopment limbo until the state decides on a course of action for the 112-year-old edifice, Kevin Flanigan, a DCAM deputy director, said in an e-mail to Banker & Tradesman.

Whatever the plan, it would seem Acorn is uniquely suited to tackle the challenges presented by the 4.47-acre parcel and its associated 110,000 and 70,000-square-foot buildings. The site is listed on the National Register of Historic Places.

Acorn’s upcoming projects include a renovation of the nearby Boys Club property, across the street from the courthouse, into 28 market-rate apartments. Like the courthouse complex, the Boys Club site comes with strict historic preservation requirements.

For now, Acorn said it is “standing by,” awaiting further word from DCAM on the courthouse’s future.

“What DCAM’s plans are for this moment I don’t know, but we would continue to have interest in following the availability at the courthouse,” David Scherer, director of development for Acorn, told Banker & Tradesman. “So we’re standing by.”

The courthouse, located at 5 Main St., is an important piece of the city’s North Main Economic Development Strategy, according to city development officials. Assuming it goes back on the market, whoever purchases the former courthouse from the state would have to navigate a host of historic preservation requirements. Any proposed changes to the structure’s historically significant interior or exterior features, for example, would have to receive written approval from the Massachusetts Historical Commission.

Despite the challenges, Scherer said he sees potential for successful mixed-use applications at the old site.

“It’s a complicated building, and it’s going to be necessary to do a careful study of what would be appropriate for the market,” Scherer said. “It’s a beautiful building, and we think it has real possibilities for some sort of mixed-use development. It’s highly visible, it has parking, and it’s a very attractive building.”