Ontario Construction News staff writer
OverActive Media says lease terms have been approved by Toronto city council, opening the door for the previously announced performance venue.
Over 3,000 jobs will be supported during the planning, design, and construction phases of development and the facility is expected to open in 2025.
The state-of-the-art theatre-style entertainment venue located at Exhibition Place and developed by global design firm Populous, is expected to book 180-200 events per year from music and entertainment events to city-wide conventions, corporate events and product launches, award shows and esports events. It will also be home to OverActive Media’s professional Call of Duty and Overwatch League franchises.
“Over the past year, we have worked incredibly hard to get phase one of our performance venue project over the finish line and there’s no slowing down now. We’re fortunate to have such great partners in the city who share our vision to build a preeminent venue for today’s generation of fans, one that will truly benefit the city of Toronto and its many sports and entertainment fans for years to come,” said Chris Overholt, president and CEO, OverActive Media.
“With project construction scheduled to begin in late 2022 and completed in 2025, we’ve been aggressively working on the business and marketing plan. We expect to have several capital partners in this project – notable venue operators and developers who will no doubt bring all their experience to bear ensuring its success.”
Upon completion, the subject site is expected to support a range of economic activity and permanent on-site employment opportunities, including 650 direct, indirect, and induced full-time equivalent (FTE) jobs. Approximately 550 permanent on-site employees will be accommodated on-site.
One-time capital investments are expected to yield approximately $124 million in government revenues, including more than $26 million accruing directly to the City of Toronto when including direct, indirect, and induced components.
The proposed development of the subject site is expected to generate some $39 million in annual government revenues, including approximately $6.9 million in property tax revenue to the City of Toronto upon its full realization.
Tourists visiting the proposed performance venue are expected to spend some $186 million annually elsewhere across the City and the Province (e.g., restaurants and shopping across the City).
Once completed, tourist spending associated with visitors to the proposed performance venue will support some 1,790 FTE jobs annually, 89% of which will be based in the City of Toronto.
“Further development in the heart of Exhibition Place through OverActive Media’s performance venue project will create new jobs and investment opportunities, and enhance our position as a global entertainment destination,” said John Tory, Mayor, City of Toronto. “With City Council’s approval, I look forward to seeing this project get underway, providing a new hub for Toronto and the surrounding community.”
According to the Economic Impact Analysis, in addition to the primary economic impacts highlighted above, the new venue is also expected to yield a range of qualitative benefits that enhance broader city-building and economic development efforts including:
Strengthening the city’s position as a strong and fast-growing technology sector by expanding the breadth of esports-related technology jobs available in Toronto, which could potentially attract students, researchers, innovators, entrepreneurs, venture capitals, and businesses.
A major venue with internationally promoted events will highlight the City of Toronto through live broadcasts, enhanced media presence, social media posts and fan and performer experiences. This would be similar to the tourism and business boost which occurs in cities following major events such as the Olympics or international fairs.
The proposed venue will enhance city-building and economic development efforts and will support the city’s and the province’s investments in the area, the city’s Exhibition Place Master Plan and the province’s redevelopment of the Ontario Place site.
“Toronto is one of the best entertainment markets in the world. OverActive Media’s performance venue project provides an opportunity to further enhance our global reputation and to attract visitors to our great city, including the esports community,” said Scott Beck, president and CEO, Destination Toronto. “I look forward to seeing the vision for such an engaging space come to life.”
“We’ve been working closely with our city partners to assist in the development of a strategy that will position Toronto squarely as an international hub for global esports. We expect this venue will be the centrepiece of that strategy and provide a significant opportunity to meaningfully increase shareholder value,” said Overholt.