WINNIPEG -- The Palace Theatre that sits on Selkirk Avenue could be seeing a transformation once again.

The building, which is currently vacant, has been everything from a performance space to a flea market.

Now, the North End Community Renewal Corporation is hoping to once again give the building a purpose.

Michael Redhead Champagne, who is a board member of the North End Community Renewal Corporation, said they want to turn it into a community venue.

He said the building is currently owned by the University of Manitoba and the organization has been in talks with the school.

"We're hoping that the conversations that we have had in the last month will be the tipping point we need to be able to turn this community resource into a renewed space where we can have arts, community, theatre, performance," he said.

Redhead Champagne said he isn't sure why, but the U of M is trying to get rid of building it isn't using, adding that his organization would gladly take over the Palace Theatre.

In terms of next steps, he said the organization is currently working on a community committee.

"So any folks that have an idea on what this could possibly be, especially residents, but also people with different areas of expertise. We're going to be calling those people together and making a plan that works best for the community. Something that is made in the North End."

He hopes to get a lot of community feedback and spirit to help decide what the Palace Theatre will become.