In June 1990, the Toronto Postal Delivery Building (constructed 1939-1941) was designated under the Ontario Heritage Act (City of Toronto by-law #360-90) as a property of architectural and historic importance.
However, years of sitting derelict had caused considerable deterioration to the fabric of the historic building and it faced an uncertain future. No proposals came forward suggesting new uses that would leave the building intact.
In December 1994, the Toronto Raptors Basketball Club announced that a letter of intent had been signed with Canada Post, the owner of the building, with respect to its purchase. Accordingly, in January 1995, Heritage Toronto (Toronto Historical Board) initiated discussions regarding the preservation of the building and its artwork.
A Heritage Easement Agreement, a legal document between the property owners of the Air Canada Centre and the City of Toronto was entered into on November 29, 1996. Under the terms of this agreement, the owners agreed to preserve the two principal building facades overlooking Bay Street and Lake Shore Boulevard, the bas-relief sculptures and other significant decorative details. It was also agreed that a display collection reflecting the history of the Postal Delivery Building would be installed and would incorporate some of the building's features that could not remain in their original locations.
Among those whose efforts have made possible the preservation of the most significant heritage features of the Toronto Postal Delivery Building and their incorporation into this urban stadium are:
Toronto City Council
Heritage Toronto
Maple Leaf Sports & Entertainment Ltd.
Toronto Maple Leafs Hockey Club
Toronto Raptors Basketball Club
Air Canada