After years of sitting idle, the old Moncton High School building will be renovated and turned into spaces for non-profit arts and cultural organizations.

Moncton-based Heritage Developments will buy the 82-year-old structure from the provincial government for $1 million.

A community volunteer group called MH Renaissance Inc. will work with the developer to see the building become a centre of arts and culture for non-profit organizations.

“It’s our goal that it operates without a subsidy, but that it continues to serve Moncton in the years to come,” says Dennis Cochrane of MH Renaissance Inc.

The structure has been costing taxpayers about $20,000 a month in up-keep.

Ideas for the former school's future ranged from tearing down portions of the building to relocating the city's public library. With a decision finally made, attention will now turn to what might be moving in.

“Whether it will be organizations and businesses that will be contributing to the downtown core on Moncton, so there’s work to be done,” says New Brunswick Premier Brian Gallant. “But I can tell you we have been in discussion with some proponents who are interested, they're going very well.”

Graduates of the building are happy it will continue to stand.

“It makes my heart well,” says Norville McConnell of the Moncton High class of 1976. “I feel so good about the fact that they're going to save the building. The options they've presented are exciting.”

With files from CTV Atlantic’s Nick Moore.