Ontario Government Unveils Therme Canada Lease Agreement
The Ontario government has made public its lease agreement with Therme Canada, a new water park and wellness resort located at Ontario Place in Toronto.
Therme Canada is set to invest $700 million in the construction of this new destination on Toronto’s waterfront. Out of this total, $500 million will be allocated for the development of the Therme facility itself, while the remaining $200 million will be dedicated to enhancing approximately 16 acres of public park space, shoreline protection, trails, parkland, gardens, and a new beach.
The 16 acres of public park space will surpass what the West Island of Ontario Place currently offers, according to Therme Canada. Furthermore, the project includes the creation of 5,400 square metres of new wetlands and over 25,000 square metres of new fish habitat.
Over the duration of the 95-year lease, Therme Canada is anticipated to generate nearly $2 billion in estimated revenue for the province.
“Our government is proud to have Therme Canada as a development partner on this once-in-a-generation project,” stated Kinga Surma, Ontario’s infrastructure minister.
“With Therme Canada, we will provide family-friendly entertainment and recreational activities at Ontario Place. Once completed, Ontario Place will feature more than 50 acres of free public parks, beaches, and green spaces, alongside Therme Canada’s wellness services and water park.”
According to the lease terms, the province of Ontario will retain ownership of the land and has not committed to any operational subsidies or capital contributions for the Therme Canada facility.
New Public and Green Spaces
“The lease with Therme Canada offers financial, recreational, and economic advantages to the people of Ontario,” remarked Michael Lindsay, president and CEO of Infrastructure Ontario.
“We are delighted to share the details of this agreement today as we work towards revitalising Ontario Place for everyone to enjoy.”
Upon completion, Ontario Place is set to become a world-class, year-round destination. It will feature Therme Canada, improved 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 dismissed two legal challenges against the plans for Therme Canada. Critics of the project have expressed concerns that it could harm the site’s wildlife habitats and vegetation.
