The Ontario government has released the details of its lease agreement with Therme Canada, the Austrian company set to lead the transformation of Ontario Place.
While the lease could last up to 95 years — starting with an initial 75-year term and a 20-year optional extension — it includes a clause allowing the government to terminate the lease after 10 years with five years' notice.
Therme Canada is investing $500 million into a “state-of-the-art waterpark and wellness facility,” with an additional commitment of $200 million for 16 acres of public parkland.