One of western Massachusetts’ most famous buildings is being torn down.

The former Peter Pan Bus Terminal on Main Street is being demolished to become the new home of the Way Finders housing center.

Way Finders is a  non-profit that helps families in need of housing and an improved quality of life.

“We will be doing that here in a place much better suited to working with folks struggling with housing issues who hope someday to be on their own, perhaps even homeowners,” said Peter Gagliardi, president, and CEO of Way Finders.

The bus terminal, which was built in 1969, had been home to Peter Pan Bus Lines until the company’s recent move to the Union Station transportation complex across the street.