A part of Toronto’s music scene for decades, the iconic Silver Dollar Room has been granted official heritage designation.

The landmark rock, jazz and blues palace with its familiar mega coin-shaped sign at 484 Spadina Ave., north of College St., received preservation status Tuesday when a bylaw to protect it came into effect.

City council had deemed the property “of cultural heritage value or interest,” and worthy of protecting from a wrecker’s ball, according to the bylaw.

That could save the venue, which was built in 1958 as a lounge for the adjacent Hotel Waverly and over the years has had many lives including as a strip joint. Back in the 70s, it began to attract famous musicians and those who played there included Levon Helm, Bob Dylan, The Barenaked Ladies and Blue Rodeo. The Silver Dollar continues to be a launch pad for up-and-coming musical groups and solo artists.

But there’s no guarantee that the designation will protect the building from being torn down forever. The heritage designation however “makes the building harder to demolish because the city has more options to say ‘no’”, said area councillor Joe Cressy. “It means we put another piece of furniture at the door,” to protect it.

That’s good news for the Ward 20 councillor representing Trinity-Spadina who noted that the Silver Dollar is part of “a cultural corridor” on Spadina that includes the El Mocambo and Grossman’s Tavern and should be protected. The Silver Dollar is also where many bands got their start, Cressy added.

According to the city’s website, a heritage designation gives a property legal status under the Ontario Heritage Act and gives council “the legal authority to refuse an application that will adversely affect the property's heritage attributes.”

A proposal to demolish the hotel and Silver Dollar to make way for a 22-storey high rise was turned down by council in January 2014. Cressy said it was rejected because the proposal was too big for the neighbourhood and would be a ‘terrible” precedent for the area; would shade the playground at the local school and impact local heritage.

The Wynn Group which owns the property, planned to build privatized rental housing for 200 students which would include a new Silver Dollar as part of the ground floor. The developer appealed council’s decision to the Ontario Municipal Board and argued the case in December. Closing statements have been scheduled for later this month.