Ryerson University revealed Friday that it has purchased Sam the Record Man's iconic former location at the corner of Yonge and Gould streets, as well as three additional properties, to accommodate a planned expansion.
The university's plan is to use the properties to provide more student study space and other programming.
Ryerson bought the Sam's property directly from the Sniderman family, along with two additional properties the family owned on the Ryerson campus: a small office building at 110 Bond Street and a parking lot on the west side of Church Street north of Dundas Street.
The university also bought a fourth property at 351-353 Yonge Street, a former Future Shop retail outlet adjacent to Sam's.
The total value of the four properties is $40 million.
Ryerson officials say they plan to use the former record store as they expand the university's library, just east the property, out onto Yonge Street. The lower level will be rented out as retail space to help cover a mortgage of $10 million.
The university has also said it plans to maintain Sam’s iconic sign in some form.
The move is part of a 20-year master plan to redevelop the downtown campus.
"In March 2006, we declared our intention to focus on 'the University as city-builder,' and this is a step toward that goal," Ryerson president Sheldon Levy said in a release.
In June 2007, Sam the Record Man, the one-time cross-Canada music store chain, closed its downtown Toronto flagship location, citing declining traditional CD sales and the availability of CDs and digital music from online retailers.