Niagara Parks and Pearle Hospitality team up for a $200 million overhaul of Toronto Power Generating Station, aiming to create a world-class visitor experience. Photo Supplied: Niagara Parks
Niagara Parks and Pearle Hospitality have agreed to a transformational private sector investment to restore the Historic Toronto Power Generating Station.
“Niagara Parks is proud to announce the conclusion of the three-stage public procurement process to restore and to redevelop the Toronto Power Generation Station, with Pearle Hospitality named as the successful proponent,” Niagara Parks shared in their official press release.
“The extensively researched and thoughtful proposal submitted by Pearle outlines a transformational private sector investment of over $200 million that will restore the National Historic Site while creating an unparalleled visitor experience befitting of its location overlooking the iconic Canadian Horseshoe Falls.”
Pearl Hospitality, located in Ancaster, has a rich history of facilitating the restoration of Canadian heritage properties. Their projects have included, but are not limited to, the Elora Mill Hotel and Spa, The Ancaster Mill and the Cambridge Mill.
A letter of Intent between Niagara Parks and Pearle Hospitality has been signed. This marks the beginning of a 120-day due diligence process that will include a Heritage Impact Assessment, Cultural Heritage Evaluation Report, Strategic Conservation Plan, environmental 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,” the press release stated.
In addition to the project’s historical significance, the redevelopment’s economic impacts promise to be enormous. “(Plans will) prioritize public access with 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, event and programming space and much more,” it is said in the release.
Various stakeholders have shared their great enthusiasm for the once-in-a-generation project.
“We have four project goals,” shared Niagara Parks Commission Chief Administrative Officer David Adames. “The first goal is the full restoration of the power station, the second is to create a new visitor experience to bring new visitors to Niagara Parks, Niagara and Ontario. The third goal is to see an economic return to Niagara Parks through a rent payment similar to our arrangement with Niagara City Cruises and Niagara Adventure excursions and the fourth project goal is to see a border economic impact from jobs created during construction to jobs created during the operation of the new visitor experience,” he explained. “(Steps are being taken) leading to the groundbreaking in 2024 and the eventual opening of the brand new guest experience in 2027.”
“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 a century,” said Niagara Parks Commission Chair April Jeffs. “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,” she continued. “This transformational investment will elevate the entire destination of Niagara Falls, solidifying its status as a global tourism icon for generations to come.”
“Our firm was founded with a vision to create landmark, state-of-the-art developments,” Brian McMullan, Director of Business Development and Spokesperson for Pearle Hospitality, said. “As we work to redevelop the Toronto Power site, we’re looking forward to applying the best practices we’ve learned through our history of building, redeveloping and operating distinctive and world-class destination properties across Ontario,” he further explained. “Niagara Falls is already an iconic destination. Our vision for this project will let visitors enjoy the Falls experience in exactly the type of breathtaking hospitality venue that one of Canada’s foremost natural wonders deserves.”
Those interested in learning more about the Toronto Power Generating Station and the restoration/redevelopment project can do so on the Niagara Parks’ website.
Nick Redekop completed his Honours Bachelor of Arts Degree in Labour Studies at Brock University. He has previously served in municipal and federal politics. In his free time, Nick enjoys following sports, taking part in outdoor activities, and reading biographies. Nick resides in Niagara Falls
