Maple Leaf Gardens will be getting a new lease on life as a multi-function facility.
Loblaw Companies Ltd., Ryerson University and federal officials are expected to announce $20 million in infrastructure funding for the project at a news conference Tuesday.
In September, Ryerson confirmed it was speaking with Loblaw about a site for a "new athletic centre for students."
Earlier this year, Ryerson students voted to pay an extra $126 per year in athletic fees for new facilities that will help fund Ryerson's portion of the deal.
Loblaw purchased the building several years ago and planned to turn it into a Superstore, a controversial move that drew protests from hockey fans and heritage buffs. It has been mainly dormant but was recently used for CBC's Battle of the Blades figure skating competition.
More details on the new development are expected to emerge at a Tuesday morning news conference attended by federal Finance Minister Jim Flaherty, Transport and Infrastructure Minister John Baird, Ryerson president Sheldon Levy and Loblaw chairman Galen Weston.
Maple Leaf Gardens opened in 1931, hosting its first Maple Leaf game on Nov. 12 that year, when the Maple Leafs lost 2-1 to the Chicago Blackhawks.
Loblaw has said it will maintain the existing facades of the arena, as well as existing rooflines, "with the majority of development taking place within the building's interior."