Plans are moving forward to restore Niagara's historic Toronto Power Generating Station.
A three-stage procurement process has wrapped up, with Pearle Hospitality, named as the successful investor.
The station was built in 1906, as Toronto Power supplied electricity for communities across Ontario before ceasing operations in 1974. Since that time, it has sat dormant.
The proposal submitted by Pearle outlines a private sector investment of over $200 million that will restore the National Historic Site while also create a visitor experience overlooking the Canadian Horseshoe Falls.
Pearle Hospitality is behind projects such as the Elora Mill Hotel and Spa, the Cambridge Mill, and the Ancaster Mill.
A Letter of Intent has been signed between Niagara Parks and Pearle Hospitality, commencing a 120-day due diligence phase.
The due diligence phase will include consultations, the development of heritage studies, environmental and archaeology assessments and contract negotiations.
"The revitalization of Toronto Power is an opportunity, through private sector investment, to preserve a significant piece of Ontario and Canada’s history and provide it with a new purpose as an all-new visitor experience and demand generator for the Niagara region, Ontario and Canada. While the project offers immediate financial benefits, including providing an additional revenue stream for Niagara Parks, the broader economic impacts of this type of investment and redevelopment are immense."
Officials say the renovation will include several indoor and outdoor public viewing areas including a museum, public art gallery, a range of culinary options, Niagara Falls’ first and only five-star boutique accommodation, and event and programming space.
“Toronto Power is a globally recognized landmark of Canadian architecture and industry that has stood as a central feature of the Niagara Falls landscape for over a century. Overseeing its preservation and transformation from a dormant heritage building of national significance into a brand-new, one-of-a-kind visitor experience for the benefit of local residents and tourists alike, is the embodiment of what Niagara Parks stands for as an organization. This transformational investment will elevate the entire destination of Niagara Falls, solidifying its status as a global tourism icon for generations to come,” said April Jeffs, Chair of the Niagara Parks Commission.