Government says project cost is far below Auditor General’s estimate and will support long-term waterfront redevelopment
TORONTO — The Ontario government has awarded a $198 million contract to build a new parking structure at Ontario Place, marking a major step in the province’s broader redevelopment of the Toronto waterfront destination.
The contract, awarded to Canadian construction firm Pomerleau Inc. through a competitive procurement process, covers the design and construction of a provincially owned parking facility that will accommodate up to 3,500 vehicles. The structure is also expected to include 680 electric vehicle charging stations, bicycle parking and transit access features.
Provincial officials say the project cost represents just 15.2 per cent of the $1.3 billion estimate referenced in the Auditor General’s 2024 report on Ontario Place redevelopment plans. The government also noted the final contract value is less than half of the $400 million projected cost initially identified when the project was tendered.
“Today’s contract award reaffirms our government’s position, under the leadership of Premier Ford, that this parking garage, which will produce revenue for the province, can and will be built at a cost that is reasonable and respectful to taxpayers,” said Stan Cho, Minister of Tourism, Culture and Gaming. “We’re building this garage at a fraction of the $1.3 billion cost contained in the 2024 Auditor General report and less than half of the $400 million projected cost when this project was tendered. We’ll keep protecting taxpayer dollars while building the infrastructure needed to support one of Ontario’s premier tourism destinations for decades to come.”
Parking Structure Expected to Generate Annual Revenue
According to the province, the new parking facility is anticipated to generate up to $60 million in gross annual revenue once Ontario Place reaches full operation.
The planned structure will be an open-air, above-ground, five-storey building located on the existing parking lot site south of Lake Shore Boulevard West. In addition to parking capacity for vehicles, the facility will feature up to 100 bicycle parking spaces, dedicated bus pick-up and drop-off areas, and landscaped elements designed to integrate with the surrounding waterfront parklands.
The contracting team includes Pomerleau Inc. as the construction lead and Arcadis Professional Services (Canada) Inc. as the design lead.
Pomerleau has worked on several major infrastructure projects across Canada, including the City of Toronto Paramedic Services Multi-Function Station and the Weeneebayko Area Health Authority redevelopment project in northern Ontario.
Ontario officials say the parking structure is intended to support increased visitor traffic as the province moves forward with its vision for a revitalized Ontario Place.
Broader Redevelopment Plans Continue
The province’s redevelopment strategy for Ontario Place includes more than 50 acres of publicly accessible trails, expanded green space, playgrounds, beaches, boardwalks, event venues and a modernized marina. Additional features are expected to include interactive fountains, market spaces and improved waterfront access.
Construction is already underway on the new Ontario Science Centre at Ontario Place. The province announced the facility’s design in February 2026, followed by a ceremonial groundbreaking in May.
Provincial officials estimate the broader redevelopment project will create more than 5,700 jobs during construction and contribute approximately $420 million to Ontario’s GDP. Once completed, the redeveloped site is projected to attract up to six million visitors annually.
Transportation connectivity is also expected to play a central role in the redevelopment. The site will be linked to the future Ontario Line through Exhibition Station, while GO Transit connections and proximity to Billy Bishop Toronto City Airport are expected to improve regional access.
“Bringing together the government’s vision with private sector expertise, Infrastructure Ontario is proud to help deliver a modern, efficient parking solution that will support the long-term success of Ontario Place. This project reflects our shared commitment to enhancing access to the waterfront, while creating lasting value for the community and a welcoming visitor experience.”
- Angela Clayton
President and CEO, Infrastructure Ontario
Ontario Place Remains Open During Construction
Despite ongoing redevelopment work, Ontario Place remains open to the public with free admission. The province says visitors can continue to access seasonal programming, including activities at Trillium Park and performances at the RBC Amphitheatre.
The parking project represents one of several infrastructure investments tied to the province’s effort to reposition Ontario Place as a year-round tourism and entertainment destination on Toronto’s waterfront.