The Ontario government has published its lease agreement with Therme Canada, a new water park and wellness resort at Ontario Place in Toronto.
Therme Canada will spend $700 million to construct its new destination on Toronto’s waterfront. Of this, $500m will go towards building the Therme facility itself, and the remaining $200m will be spent on around 16 acres of public park space, shoreline protection, trails, parkland, gardens and a new beach.
The 16 acres of public park space is more than the West Island of Ontario Place currently offers, Therme has said. Additionally, Therme is developing 5,400 square metres of new wetlands and more than 25,000 square metres of new fish habitat.
Over the course of the 95-year lease, Therme Canada is expected to contribute nearly $2 billion in estimated revenue to the province.
“Our government is proud to have Therme Canada as a development partner on this once‐in‐a‐generation project,” said Kinga Surma, Ontario’s infrastructure minister.
“Therme Canada will deliver family-friendly entertainment and recreational activities at Ontario Place. Once complete, Ontario Place will have more than 50 acres of free public parks, beaches and green spaces, in addition to Therme Canada’s wellness services and water park.”
Under the terms of the lease, the province of Ontario will maintain ownership of the lands and has not provided or committed to any operational subsidy or capital contributions to the Therme Canada facility.
New public and green spaces
“The lease with Therme Canada provides financial, recreational and economic benefits to the people of Ontario,” said Michael Lindsay, president and CEO of Infrastructure Ontario.
“We are pleased to be able to release the details of this agreement today as we continue our work to bring Ontario Place back to life to be enjoyed by all.”
Once complete, Ontario Place will be a world-class, year-round destination. It will include Therme Canada, as well as increased access to the waterfront, a new music and entertainment venue, a modernised science centre, and a new marina.
This year, Ontario’s Superior Court of Justice has rejected two legal challenges to the plans for Therme Canada. Critics of the project have said it would destroy the site’s wildlife habitats and vegetation.
Images courtesy of Therme Group
