Shortly after King's College (later renamed the University of Toronto) was established in 1827, the institution purchased from two farming estates north of the Town of York (present-day Toronto), including present day Queen's Park. The cornerstone for one of the college's earliest buildings was laid at the site on 23 April 1842. The building was built on the present site of the east wing of the Ontario Legislative Building, and was completed in 1843; although it remained vacant until 1845. The building was initially planned to be the southeast wing for a larger building, although these additional wings were never built as a result of budget shortfalls. The building was situated within a landscaped park surrounded by tree-lined avenues, and was accessed through two gated to the north and south. While the university occupied the property it was known as "University Park".