Contract for Toronto Power Station redevelopment awarded to Pearle Hospitality
Niagara Parks has awarded a contract to restore and redevelop the Toronto Power Generating Station to Pearle Hospitality.
Under the agreement, Pearle will inject more than $200 million into the property to restore the National Historic Site, transforming it into a destination overlooking the Canadian Horseshoe Falls.
Niagara Parks and Pearle Hospitality have now signed a letter of intent, which kicks off a 120-day due diligence phase. During that process, the groups hold consultations, develop heritage studies (Heritage Impact Assessment, Cultural Heritage Evaluation Report and Strategic Conservation Plan), perform environmental and archaeology assessments, and negotiate contracts.
The proposed redevelopment plans call for a priority on public access with several indoor and outdoor public viewing areas including a museum, public art gallery, a range of culinary options, five-star accommodations, and event and programming space.
Designed by 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 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.
Beginning in the fall of 2021, Niagara Parks launched a three-stage public procurement process to seek private sector investment to redevelop and reimagine the building.
“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,” said April Jeffs, Chair of the Niagara Parks Commission. “This transformational investment will elevate the entire destination of Niagara Falls, solidifying its status as a global tourism icon for generations to come.”
Pearle Hospitality, which will manage the site, brings a depth of experience in reimagining heritage properties across Ontario, including the Elora Mill Hotel and Spa, the Cambridge Mill, and the Ancaster Mill.
“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,” said Brian McMullan, director of business development. “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.”
Construction is targeted to start next summer, with completion expected in 2027.