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In 2014 the University of Toronto proposed demolishing the building in favour of a new structure to house multiple U of T faculties, as well as public space.
Opened in October 1968, The McLaughlin Planetarium was shut down on November 5, 1995. Since then, the building hosted the Children's Own Museum for some time, and is presently in use only as storage space. A proposal in 2005 to replace the building with a condominium tower was rejected after adverse public reaction. In 2009, the ROM sold the Planetarium to the University of Toronto, which in 2014 proposed demolishing the building in favour of a new structure to house multiple U of T faculties, as well as public space. Currently, the building is in use only as storage space for the Royal Ontario Museum.