Four restaurants will replace the World’s Biggest Bookstore, which is now scheduled to close at the end of March, it was announced Tuesday.

The location, just a block from the Eaton Centre, was purchased by Lifetime Developments from the family that founded Coles Books and Coles Notes in Canada.

The purchase price was close to $51-million, according to Bernard Feinstein, president, Paracom Realty Corporation, the company that is leasing the space on behalf of Lifetime Developments.

The four restaurants will each be on two levels, and will range in size from 10,183 to 15,125 square feet.

“We’re targeting the larger concept type of restaurant,” said Feinstein.

“It could be a Keg, Cactus, Joey’s, it could be any of those larger concept restaurants…we’re not thinking $100 dinners, but something that is better than a fast-food chain. Not everybody wants McDonald’s,” said Feinstein.

He said the night life in the area, nearby hotels and condos will provide a strong customer base for the restaurants, each with 250 feet of frontage.

Interest in the four locations is high and includes U.S. restaurateurs who do not yet have a footprint in Canada, said Feinstein.

“We’ve been working quietly for the past couple of weeks,” he said.

The site at 20 Edward St. was purchased in 1979 by Jack Cole, who founded the eponymous book chain and study aids with his brother Carl. According to Jack Cole’s obituary, Carl later eased out of the business.

The World’s Biggest Bookstore opened in 1980 and was a tourist attraction for many years. Jack Cole died in 1997. He was survived by four children.

Property records show Lifetime purchased the land from Jack Cole Investments Ltd. Jack’s son David Cole was the signing party for Jack Cole Investments Ltd.

The bookstore building – which used to be a bowling alley – will be torn down and the entire space will be rebuilt. Feinstein said no condos are currently planned for the site. The lease terms will be about 15 years.

The goal is to have the restaurants ready to open in time for TIFF 2015.

The new restaurants will add more dining variety to the Yonge/Dundas area, where a Nordstrom is scheduled to open in the north end of the Eaton Centre in the fall of 2016. A north end of the Eaton Centre at the south end of the Eaton Centre in the fall of 2015.

Lifetime Developments is the firm behind Liberty Market Lofts, WaterParkCity and the Four Seasons Hotel.

Paracom were the consultants and leasing agent in the conversion of the old Cumberland Theatre in Yorkville into a Nespresso flagship store, the Prince Arthur condominiums on Avenue Rd. and the conversion of the Consumer’s Gas building on Yonge St. north of Castlefield into a furniture store, Casa Life.

The space on Edward St. will be designed by Turner Fleisher Architects and include multi-level patios, soaring ceilings and column-free space.

The renderings depict a much brighter look to Edward St.

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Nearly 50,000 people live within a kilometre of the location, which has a daytime population of 184,943, according to statistics from Paracom.

The World’s Biggest Bookstore, now operated by Indigo Books and Music Inc., employs 43 people.

It's not actually the world's biggest bookstore. There is a Barnes & Noble in New York City that is more than twice as large.

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