Toronto Power Generating Station
Redevelopment of Toronto Power
Designed by renowned architect E.J. Lennox, Toronto Power is a National Historic Site and former hydroelectric power station built on the banks of the upper Niagara River overlooking the iconic Canadian Horseshoe Falls. Built in 1906, Toronto Power supplied electricity for communities across Ontario before ceasing operations in 1974. Since that time, it has sat dormant.
Now, fifty years after closing its doors, the site is set to undergo redevelopment with an investment of more than $200 million by Society Developments in collaboration with Pearle Hospitality through a public-private partnership with Niagara Parks. The redevelopment will transform Toronto Power into a brand-new, world-class visitor experience including:
- Niagara Falls’ first and only five-star boutique accommodation
- A variety of culinary offerings
- Craft brewery
- Wellness and social spa
- Event and programming space
- Museum and Art Gallery
- Theatre
- Educational programming
- And more
With approval from the Ontario Government for the lease agreement now secured and all requirements of the due diligence phase complete, construction planning will now begin.
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The Opportunity
Niagara Parks has established four project goals for the redevelopment of Toronto Power:
- Restoration of the heritage building (designated National Historic Site)
- Creation of a new guest experience that does not exist in Niagara nor Ontario today
- Payment of rent to Niagara Parks while covering all restoration and redevelopment costs
- Significant capital investment that has an extensive economic impact for Niagara and Ontario
The redevelopment of Toronto Power is the embodiment of Niagara Parks’ mandate in action – preserving a nationally significant heritage building that will grow tourism to Niagara and Ontario while generating new revenue for Niagara Parks as a self-funded organization.
About Pearle Hospitality
Niagara Parks’ newest tenant and the company managing the site will be Pearle Hospitality.
Pearle Hospitality is an Ontario-based company with a depth of experience transforming heritage properties across Ontario into world-class guest experiences, including:
- The Elora Mill Hotel and Spa
- The Cambridge Mill
- The Ancaster Mill
- The Pearle Hotel and Spa (Burlington)
- Whistle Bear Golf Course (Cambridge)
- Spencer’s at the Waterfront (Burlington)
Case Study: Niagara Parks Power Station
In 2021, with support from the Government of Ontario, Niagara Parks opened the fully restored Niagara Parks Power Station and Tunnel, Niagara’s newest must-see attraction.
The Investment
This redevelopment project will be funded entirely by private sector investment of more than $200 million. Niagara Parks will not be investing any capital into this project but will continue as a strategic partner through the redevelopment and future operations.
Niagara Parks will retain ownership of the property with Pearle Hospitality becoming its newest tenant. Through the finalized lease agreement, Pearle Hospitality will be responsible for base and variable rent payments to Niagara Parks. This will be similar to other public-private partnerships Niagara Parks currently holds with Niagara City Cruises who operate the Boat Tour and Niagara Adventure Excursions who operate the Zipline to the Falls and the Whirlpool Adventure Course.
Economic Impact to Niagara and to Ontario
- Upfront private capital investment of $200+ million for the restoration and redevelopment of the power station
- Attraction of a new tourism market to Niagara Parks, Niagara Falls, the Niagara region, and Ontario
- Estimations for the first nine years (four years of construction and first five years of operations):
- Gross Domestic Product (GDP) impact: $300 million
- Employment: 9,531 jobs created (1,059 per annum)
- Taxes to all three levels of government: $98 million
The Timeline
- 1974 – Toronto Power ceased operations.
- 2007 – Niagara Parks accepted ownership of Toronto Power.
- 2008 – Niagara Parks received $1 million in grant funding to dismantle and deactivate the power station buildings, while preparing them for potential adaptive reuse in the future.
- 2016 – Working with +VG Architects (who is part of the current project team), a visioning document was created for the adaptive reuse of the three power stations.
- 2018 – Niagara Parks established the Queen Victoria Park Master Plan that would guide and inform any future redevelopment of this key tourism area from Kingsbridge Park to the Rainbow Bridge.
- Fall 2021 – Niagara Parks launched a comprehensive, three-stage procurement process, beginning with a Request for Information. The entire process was reviewed by a fairness monitor, in addition to legal services provided by Fasken and financial advisory services by Ernst & Young LLP.
- Spring 2022 – the Request for Qualifications stage began.
- Fall 2022 – the final Request for Proposals stage began.
- Fall 2023 – Following an internal evaluation stage and presentation to the Niagara Parks Board of Commissioners, Niagara Parks approved the signing of a Letter of Intent with the preferred proponent, Pearle Hospitality.
- Fall 2023 – Due diligence phase begins
- Fall 2024 – Pearle Hospitality completes all studies and assessments required by the due diligence phase
- Fall 2024 – Ontario Government approves redevelopment
- Fall 2024 – Pre-construction planning begins
The Timeline
-
1974
Toronto Power ceased operations.
-
2007
Niagara Parks accepted ownership of Toronto Power.
-
2008
Niagara Parks received $1 million in grant funding to dismantle and deactivate the power station buildings, while preparing them for potential adaptive reuse in the future.
-
2016
Working with +VG Architects (who is part of the current project team), a visioning document was created for the adaptive reuse of the three power stations.
-
2018
Niagara Parks established the Queen Victoria Park Master Plan that would guide and inform any future redevelopment of this key tourism area from Kingsbridge Park to the Rainbow Bridge.
-
Fall 2021
Niagara Parks launched a comprehensive, three-stage procurement process, beginning with a Request for Information. The entire process was reviewed by a fairness monitor, in addition to legal services provided by Fasken and financial advisory services by Ernst & Young LLP.
-
Spring 2022
The Request for Qualifications stage began.
-
Fall 2022
The final Request for Proposals stage began.
-
Fall 2023
Following an internal evaluation stage and presentation to the Niagara Parks Board of Commissioners, Niagara Parks approved the signing of a Letter of Intent with the preferred proponent, Pearle Hospitality.
-
Fall 2023
Due diligence phase begins.
-
Fall 2024
Pearle Hospitality completes all studies and assessments required by the due diligence phase.
-
Fall 2024
Ontario Government approves redevelopment.
-
Fall 2024
Pre-construction planning begins.
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