Toronto 
In a landmark development for Niagara Falls, Niagara Parks has announced a major project to redevelop the historic Toronto Power Generating Station, which has been dormant since 1974.
Rendering/Credit: Niagara Parks
Located on the upper Niagara River with views of the Canadian Horseshoe Falls, this National Historic Site, constructed in 1906 and designed by E.J. Lennox, will undergo a transformation spearheaded by Pearle Hospitality.
Per the news release, this initiative, resulting from a three-stage public procurement process initiated in fall 2021, will leverage Pearle Hospitality’s expertise in revitalizing heritage properties, as evident in their successful projects like the Elora Mill Hotel and Spa, the Cambridge Mill, and the Ancaster Mill.
Rendering/Credit: Niagara Parks
April Jeffs, Chair of the Niagara Parks Commission, highlighted the project’s alignment with Niagara Parks’ mission to preserve and transform significant landmarks for local and tourist enjoyment.
Pearle Hospitality’s proposal involves an investment exceeding $200 million, aiming to restore the site and create a unique visitor experience.
The redevelopment plan is extensive, featuring Niagara Falls’ first five-star boutique accommodation, various culinary options, a craft brewery, a wellness and social spa, event spaces, a museum, an art gallery, a theater, and educational facilities.
Rendering/Credit: Niagara Parks
Brian McMullan, Director of Business Development at Pearle, emphasizing their commitment to creating a landmark development that complements the grandeur of Niagara Falls, said, “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.”
According to the news release, this private sector investment will not involve capital from Niagara Parks, but they will remain strategic partners. The redevelopment will operate under a lease agreement, similar to Niagara Parks’ current arrangements with other partner tenants.
Rendering/Credit: Niagara Parks
Niagara Parks says the project’s economic impact is substantial, with an estimated $300 million contribution to the Gross Domestic Product (GDP), the creation of over 9,500 jobs, and $98 million in taxes to various government levels over nine years.
The 120-day due diligence phase following the signing of the Letter of Intent includes heritage, environmental, and archaeology assessments, consultations, and contract negotiations. The construction is slated to begin in summer/fall 2024, with the grand opening planned for summer/fall 2027.
