Ontario is set to undergo significant development with Therme Canada investing $700 million in a new wellness destination and public parkland along Toronto's waterfront.
Of the initial $700 million, $500 million is allocated to Therme’s facility while $200 million is dedicated to shoreline work and public park improvements.
Over the 95-year lease, Therme Canada will contribute approximately $1.96 billion in rent and maintenance, with the government incurring up to $25 million for site readiness.
The lease agreement allows Ontario to terminate the contract after ten years with five years' notice, although the project requires the construction of 1,800 parking spaces.
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