t $4.8 million buys entire block.

POULSBO — A sizable piece of historic downtown Poulsbo is now on the real estate market.

The entire block between King Olav Vei, King Harald Vei and Front Street was posted for sale last week by the Mentor Company. The area contains four parcels, currently serving as the Poulsbo Antique Mall, Olympic Outdoor Center and the vacant Grieg Hall and Nilsen’s Appliance buildings.

The south west side of the block abuts Anderson Parkway.

Jennifer Mentor Mills said several parties have already expressed interest in the property. The Mentor Company decided to put it up for sale after reviewing its five-year plan and deciding its time was already committed to other projects.

The parcel could lend itself well to retail, residential, hotel, office or mixed usages, Mills said.

“There are many different things that you could do with the block,” she said. “The opportunities are limitless.”

Briefly in 2007 the Nilsen’s Appliance building was home to Armstrong Fitness University, but the business moved after struggling with building code violations.

Earlier that year, the Mentor Company proffered the block as an option for Poulsbo’s new city hall when the city was soliciting proposals from developers.

Poulsbo City Council and Economic Development Committee member Ed Stern said the timing of the sale is good, as the council has pinpointed a 2009 goal of creating a coordinated approach to downtown visioning. The Economic Development Committee is proposing the formation of a stakeholders group to discuss downtown from a big picture standpoint.

The city plans to sell its current downtown city hall site once its new civic structure is built, and may also sell the downtown police department land to help offset that project’s costs.

Now is the city’s chance to address aspects of its comprehensive plan, including parking, zoning and height restrictions or regulations.

Stern said the process should engage property owners, merchants and citizens and support private sector development to “achieve a grander vision” and “help make that vision a reality” rather than allowing a scattershot approach to downtown revitalization.

A multi-tiered parking facility has long been a talked about idea, along with the potential reclaiming of Anderson Parkway for community use.

“It’s a great opportunity to imagine what the downtown could be,” Stern said.