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NIAGARA FALLS, ONT. — The Ontario government has approved the Niagara Parks Commission to go ahead and redevelop the Toronto Power Generating Station into a five-star boutique hotel near the brink of Niagara Falls.

The new attraction is anticipated to be funded entirely through a $200 million investment by Society Developments in collaboration with Pearle Hospitality.

The historic hydroelectric power generating station site will be completely repurposed after sitting vacant for 50 years, states a release.

The new “attraction” will include a theatre and various restaurants, as well as activities such as a free museum, art gallery and public viewing areas overlooking the falls.

The Niagara Parks Commission received official approval through an Order-in-Council, signed Nov. 7.

According to the release, all requirements of the due diligence phase were completed this fall, including public consultation and the development of a strategic conservation plan.

The Niagara Parks Commission will retain ownership of the property. With the Ontario government’s approval and a lease agreement in place, Pearle Hospitality will become the commission’s newest tenant.

Pearle Hospitality is an Ontario-based company that is behind some of the province’s top historic-properties-turned-hospitality venues, including Ancaster Mill in the Niagara Escarpment.

The Toronto Power Generating Station operated from 1906 until it was decommissioned in 1974. It received designation as a national historic site of Canada in 1983 and was designed by E.J. Lennox in the Beaux-Arts architectural style.