Dunmow Youth Club is campaigning to save the youth centre building in North Street, which was temporarily closed in January due to subsidence.
The subsidence at the rear of the building started in 2019, and since then the youth club has been waiting for Essex County Council to begin repairs.
Youth club team leader Jeremy Free said: "Now the problem has deteriorated.
"The concern is that Essex County Council are hoping the subsidence will keep deteriorating, and then they can sell it off to developers."
According to the youth club, the building is otherwise in a good state of repair, with new windows, a new heating system and all the drained recently relined.
Jeremy added that the loss of the building would be a "tragedy", due to its historical value dating back to the Victorian era.
The building was used as a primary school from 1863, and has been a youth club since 1959, as well as a library and children's centre.
"This building can still be successful and support Great Dunmow as this town grows," Jeremy said.
"64 years this building has been a Youth Club, as well as being used by numerous other groups to support those within Great Dunmow, including Accuro and young carers' groups.
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"This is an increasingly worrying prospect for Great Dunmow as more houses are being built, and more young people will live in our town and demand will increase for a premises that offers a safe and supervised environment where these young people can meet.
"We need to invest in young people and push to save this building, so we can give young people the best possible support and opportunities."
He added that it was "imperative" to know a date when Essex County Council would start and complete building work.
A spokesperson for Essex County Council said: "Essex County Council has completed a condition survey on this building which shows a number of repair issues.
"ECC is currently exploring best value options for the site. No decisions have been made.
"Alternative premises have been offered to the services which use the site."
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