The Austrian company building a spa where Ontario Place used to sit will be spending $700 million to construct its new facilities and parkland on Toronto’s waterfront, the province revealed Thursday.
Of those initial spends, $500 million will be to build Therme’s facility, while $200 million will be spend on shoreline work and a public park, according to documents shared during a provincial technical briefing Thursday.
Over the course of the 95-year lease, Therme Canada is expected to spend $1.96 billion in both rent and maintenance payments to the government.
The government will be on the hook for up to $25 million as part of the project, costs that come as the result of site readiness obligations like flood mitigation and shoreline repair. The documents say the province will not be providing an operating subsidy or spending any money on the capital costs of construction.
Therme will be constructing a water park and “wellbeing destination” on the land, as well as a 16 acre public park.
While the lease is nearly a century long, the province is able to get out of it early. After 10 years, Ontario can terminate the lease with five years notice.
The lease also includes a requirement that 1,800 parking spaces be constructed as part of the project, though the documents note the province would like to see 2,500 spaces.