The former Maliboo building is coming down.
John Vallee of G. Douglas Vallee Ltd and the company who owns the property was at Townhall on Tuesday announcing its new vision for the facility.
Vallee says the building is so run down; it needs to go.
He says while the building will be demolished, a new gem will be constructed in its place.
A finance company named Vanderlaan C.S. say their proposed replica will cost $1.8-million dollars.
The facility will be transformed into apartments and offices.
No timeline was provided for demolition or construction.