OCEAN CITY, Md. - A 113-year-old building that sits on the corner of Talbot Street and Baltimore Avenue is being demolished.

The building was built in 1905. It is widely known for its Victorian style design and green exterior. It has served as a historical landmark for many people.

People like Robert Banach, who said he is sorry to see it go.

"It's a beautiful house, it's a shame that it uh has to come down," Banach said.

Larry Payne owns the building with all of its unique characteristics. Payne said the building is far beyond repair.

"I can't come in here and cosmetically rehab it because the foundations are non existing, some of the pillars and structural posts are missing foundation footers and all the main beams in the house are rotted," Payne said.

Payne said he id afraid if the building is not torn down then it may collapse. However, there is a silver lining. Payne said he will rebuild an exact replica.

Payne told WBOC he plans to open a restaurant called Sylvia's on the ground floor and apartment complexes in the upper levels. Payne hopes to have the building operational again within a years time.

Executive Director of Ocean City Development Corporation Glenn Irwin met Payne on site today.

Irwin said originally he would have liked to see the building restored.

"After looking at it again it was structurally so deficient that he basically said it's not doable to restore it so we understand that," Irwin said. "What we really want is a brand new attractive building hopefully replicating some of the architectural qualities that are in the old building."

Although this old building will soon be gone, Payne hopes the memories made here over the years will live on.