Ryerson University is seeking to expropriate the Sam the Record Man building on Yonge Street to expand its cramped campus downtown.

"By the provincial statistics, we approximately have two-thirds of the space that we presently need," Ryerson president Sheldon Levy told CTV News on Tuesday.

"We believe in order to secure the land necessary to meet the demands of students, we have to go to the province and ask them for help."

The landmark record store, which was recently designated a heritage building, ceased operations on Saturday after 46 years in business.

The company's founder, 87-year-old Sam Sniderman, supports the takeover move by Ryerson. Since a deal could not be reached before the store closed, Ryerson has taken its expropriation bid to Queen's Park.

Under the Expropriations Act, a university can ask the province to take over land for it without the consent of the owner for academic growth, the Toronto Star reports.

If that happens, the owner of the property will get fair market value.

Sources tell CTV's Desmond Brown the university will make an offer in the $20-million range for the Sam's building at 347 Yonge St. Sniderman paid $140,000 to buy the building at Yonge and Gould Streets in 1961.

Sniderman, who did not return calls to CTV News on Tuesday, told the Star on Monday "(Sam's) will go on eternally if Ryerson takes over the building and establishes it as their front door on Yonge Street."

The iconic Sam's facade, which features two large spinning neon records, must remain after the city declared it a heritage site.

If Ryerson is successful, the institution plans to demolish the rest of the Sam's building and expand its library and study space.

With a report from CTV's Desmond Brown