Saskatoon developer hopes to attract new tenants to the old STC bus depot

Meridian Developments purchased the city block-sized land parcel located at 23rd Street West on Thursday.

Meridian Developments purchased the 20,000 square-foot building on Thursday

Interested STC building buyers had until the fall to submit their proposals to the Ministry of Central Services, which handles the sales. (Jason Warick/CBC News)

Saskatoon's former Saskatchewan Transportation Company building now has the potential to house a new tenant.

Meridian Developments purchased the city block-sized land parcel located at 23rd Street West on Thursday.

"The building has some cool bones and I think we could make it into something really interesting," said Karl Miller, developer at Meridian Developments.

He had no word on what kind of business might move in, but said any tenant that could bring more foot traffic into the Central Business District would be a welcomed addition.

"I'm just hoping to give that street some new life," he said, adding Meridian is actively searching for interested tenants.

City councillor pleased

Cynthia Block is Saskatoon's Ward 6 city councillor. (Don Somers/CBC)

Ward 6 City Councillor Cynthia Block welcomed the news with open arms.

"There should be excellent growth opportunities in the north downtown in the years to come, and this site has the potential to be a catalyst," said Block, in an email.

Block said she's hopeful that whatever develops will enhance the area as both a destination place and a residential neighbourhood.

The price tag

Miller didn't say how much the company paid for the commercial-use building, but the City of Saskatoon's latest property assessment put its value at just over $4.3 million.

"We just see this as being good for the long-term of all downtown Saskatoon," he said.

Selling features include ample parking and its close proximity to TCU Place and Midtown Plaza shopping mall.

Other developments by Meridian include the new student residence at the University of Saskatchewan and Luxe condominiums on Broadway.