Meridian Development bought Saskatoon’s former STC Depot on Thursday.
The Saskatoon-based company said it will update the building, but not tear down it down.
Meridian did not say how much the building was purchased for, but the last city assessment valued the 20,000-square-foot space at $4.3 million.
The purchase comes after the provincial government axed the STC as part of its budget cuts.
Meridian Development is known for revamping the King George building and the University of Saskatchewan student residences.
