More than 300 people lost their valuable possessions when Kiwi Self Storage in Kilbirnie was set on fire on 4 April 2014.
The man convicted of that arson, Angelo Dominic Bitossi, was found guilty in December 2014 and is serving a sentence of eight years and six months.
He did not ask for parole at his first hearing recently.
The Parole Board reported that he was struggling with his mental health at the time of the arson, which was motivated by revenge against a former friend.
Since 2016 he has had numerous counselling sessions with a psychologist, and the treatment is continuing.
The board said he was not ready to be released.