The Hard Rock Café opened its doors downtown in 1978 and became the international chain’s second establishment.
Mark Garner, executive director of the Downtown Yonge BIA, said the building has a heritage designation.
“The Hard Rock building was the Friar’s [Tavern] and the Nickelodeon back in the day,” Garner told The Oakley Show on AM640.
“We also believe that there’s some sort of cultural significance that should be preserved, based on the fact this is where Bob Dylan met the band and basically changed the music industry.”
In a statement Monday morning, Hard Rock International said the lease on the Toronto location would be ending in May.
“Hard Rock International is reviewing other opportunities, both in Toronto and elsewhere in Canada, to expand its Cafe, Hotel and Casinos brands,” the statement said, adding the company “has been and continues to be committed” to Canada
Hard Rock International has two other Canadian properties in Niagara Falls and Vancouver.