Watch above: The building that once housed Lydia’s could soon be demolished if an application submitted to the city is approved. Wendy Winiewski has more on the future of the iconic building on the corner of Broadway and 11th Avenue.

SASKATOON – The City of Saskatoon has received an application to demolish an iconic building on Broadway Avenue that was recently sold. But there are other options the city hopes the new owner will be open to.

For more than a century, the building has been standing at the corner of Broadway Avenue and 11th Street while the city has sprung up around it. Over the decades, it’s been an apartment complex, a tattoo parlour, a barber shop and most recently Lydia’s Pub.

Built in 1912, the building might not be around much longer. It was placed on the market in 2013 and was recently sold. The new owner has submitted a demolition application.

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READ MORE: Lydia’s Pub closes its doors

Peter Garden owns Turning the Tide, a bookstore located on the same lot and has to be out by Jan. 31.

“It was a pretty big surprise. I knew the building was selling and I knew the future was uncertain but I didn’t expect things to move that quickly, said Garden.

Since it’s not designated as a heritage property, there’s little the city can do to stop the demolition aside from offering incentives to the new owner.

“The incentive we offer right now is 50 per cent of the restoration costs so these would be things to bring the building back up to code,” said Alan Wallace, the city’s planning and development manager.

“It’s up to a maximum of $150,000 paid out over a 10-year period.”

READ MORE: Rumours link Sheepdogs member to Lydia’s purchase

The city hopes to meet the new owner this month, who are said to be two local chiropractors.

Ward 6 Coun. Charlie Clark plans to be in attendance as he has some preservation ideas of his own.

“You can actually keep the facade of a building and build a new building around it and so, that’s something that we could explore,” said Clark.

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However, the ultimate decision lies with the anonymous new owner.

City administration attempted to designate the site as a heritage property in 1996 but it didn’t go through. If it had, demolition would not be an option.