Ontario Releases Lease Agreement with Therme Canada

The Ontario government has published its lease agreement with Therme Canada, outlining the significant benefits of this agreement for the people of Ontario as the province continues rebuilding Ontario Place into a world-class, year-round destination. These benefits include, at a minimum, nearly $2 billion in estimated revenue contributions from Therme Canada to the province over the duration of the lease and $700 million in upfront capital investments from Therme Canada. Of these upfront capital investments, $500 million will go to build the Therme Canada facility and $200 million will support approximately 16 acres of freely accessible public space, shoreline protection, publicly accessible gathering spaces, trails, parkland, gardens and a new beach.

“Our government is proud to have Therme Canada as a development partner on this once‐in‐a‐generation project,” said Kinga Surma, Minister of Infrastructure. “Therme Canada will deliver family-friendly entertainment and recreational activities at Ontario Place. Once complete, Ontario Place will have more than 50 acres of free public parks, beaches and greenspaces, in addition to Therme Canada’s wellness services and waterpark.”

As part of the ongoing work to build a revitalized Ontario Place, Therme Canada will create an all-season, family-friendly waterpark and wellness attraction centered on the West Island, in addition to significant new and freely accessible public spaces. Under the terms of the lease, the province will maintain ownership of the lands and has not provided or committed to any operational subsidy or capital contributions to the Therme Canada facility. The lease agreement will also result in significant ongoing revenue contributions from Therme Canada to the province through rent payments and contributions to site-wide maintenance.

“The lease with Therme Canada provides financial, recreational and economic benefits to the people of Ontario,” said Michael Lindsay, President and Chief Executive Officer, Infrastructure Ontario. “We are pleased to be able to release the details of this agreement today as we continue our work to bring Ontario Place back to life to be enjoyed by all.”

Therme Canada’s 16 acres of public park space will be more than double the size of the existing Trillium Park at Ontario Place and responds directly to the feedback received from Ontario residents through public, stakeholder and Indigenous consultations.

Therme Canada’s waterpark and wellness attraction is one of the main components of the revitalized Ontario Place, which will include more than 50 acres of parkland and greenspaces, increased access to the waterfront, a year-round music and entertainment venue, a modernized, state-of-the-art Science Centre, a new marina and spectacular new free public spaces. Once complete, the redeveloped Ontario Place will create thousands of new jobs and attract an estimated six million visitors each year.