The owner of the Elora Mill has been selected to restore and redevelop the Toronto Power Generating Station in Niagara Falls.
Pearle Hospitality plans to transform the long-abandoned structure, built near the brink of the Horseshoe Falls in 1906, into a dining destination, "boutique accommodations," art museum and spa at a projected cost of for more than $200 million.
The redevelopment plans will prioritize public access with several indoor and outdoor public viewing areas, says a press release from Niagara Parks.
Designed by renowned architect E.J. Lennox, the architect behind old Toronto City Hall and Casa Loma, Toronto Power is a National Historic Site and former hydroelectric power station built on the banks of the upper Niagara River overlooking the iconic Canadian Horseshoe Falls.
Toronto Power supplied electricity for communities across Ontario before ceasing operations in 1974. Since that time, it has sat dormant.
“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,” said Brian McMullan, director of business development and spokesperson for Pearle Hospitality in the release.
A Letter of Intent has been signed between Niagara Parks and Pearle Hospitality, commencing four months of planning and consultations that will include the creation of heritage studies, environmental and archaeology assessments and contract negotiations on a lease agreement.
Over the four-year restoration and the first five years of operation, the project is expected to have an estimated GDP impact of $300 million, create over 9,500 jobs, and generate $98 million in taxes to all three levels of government.
