An architectural landmark of Niagara Falls will get a new lease on life, with plans revealed for an over $200 million transformation of the abandoned Toronto Power Generating Station into a swanky five-star hotel described as "world-class."

For the past two years, Niagara Parks has been working through a three-stage public procurement process to select a private investor to redevelop the 1906-built power station that has sat dormant along the Niagara River for almost a half-century.

It was a busy year for the project, with a request for proposals filed back in August, and the successful proponent announced on Monday in Pearle Hospitality.

Niagara Parks is proud to announce the conclusion of the three-stage public procurement process to restore and redevelop the historic Toronto Power Generating Station, with Pearle Hospitality named as the successful proponent.

For more details: https://t.co/9erG2k3BSn pic.twitter.com/QSIVTShrb9

— Niagara Parks (@NiagaraParks) November 27, 2023

The redevelopment would be a jewel in the crown of Pearle Hospitality's portfolio, which includes The Elora Mill Hotel and Spa, The Cambridge Mill, The Ancaster Mill, The Pearle Hotel and Spa, Whistle Bear Golf Course, and Spencer's at the Waterfront.

Niagara Parks released impressive new visuals of the forthcoming transformation, which will restore the imposing structure's design by legendary architect E.J. Lennox, the visionary behind other beloved Ontario landmarks like Toronto's Casa Loma and Old City Hall.

New additions designed by +VG Architects would defer to Lennox’s original Neoclassical aesthetic for the power station, taking a backseat rather than the bold juxtaposition approach other firms have taken for big additions to landmarks like Toronto's ROM Crystal.

"As we work to redevelop the Toronto Power site, we're looking forward to applying the best practices we've learned through our history of building, redeveloping and operating distinctive and world-class destination properties across Ontario," said Brian McMullan, spokesperson for Pearle Hospitality.

Pearle's new megahotel for Niagara Falls would be more than just a playground for the wealthy and would offer some impressive public benefits like a museum dedicated to E.J. Lennox, an art gallery, event space, and even an observation deck that the public will be able to access for free.

Niagara Parks will also benefit greatly from the project, and selected the winning proponent based on its meeting of four project goals.

The project's stated goals are to, first and foremost, restore the federally designated National Historic Site.

Second, Niagara Parks sought a proponent that could bring a "new guest experience that does not exist in Niagara nor Ontario today."

Niagara Parks' penultimate goal called for a proponent willing to adhere to a system of rent payment similar to their arrangement with Niagara City Cruises and Niagara Adventure Excursions, while also covering all restoration and redevelopment costs.

All of these plug into the fourth goal, which sought a significant capital investment capable of bringing extensive economic impact to the city and province.

Construction of the new project is reportedly to start as in 2024, with a potential opening as early as 2027.