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In July 2021 development plans were announced. Two companies are to redevelop different sectors:
*LiveNation (which already operates music venues at the site) will revamp the Budweiser Stage Amphitheatre into an indoor/outdoor facility with a capacity of up to 20,000 people in the summer and nearly 9,000 in winter.
*Austrian company [[Therme Group]] will develop the west island. TheA plannew large facility will cover most of the island.<ref>{{Cite web |title=Therme Canada |url=https://thermecanada.com/}}</ref> includesThe facility will include indoor and outdoor pools, a spa, waterslides, restaurants, and botanical gardensgarden. Outside of the facility, andit anwill overbuild 12a {{convert|12|acre free|ha}} public park and beach. ProjectedThe projected admission price for indoor activities is about $40 per person for full day admittance.
 
Private sector investments are expected to be about $500-million. Public sector investment was not disclosed. A review process for environmental, heritage, and public consultation, will likely extend into 2023. Construction is scheduled to begin in 2024, with a 2030 completion.<ref>{{Cite web |date=2021-07-30 |title=Future Ontario Place to feature water and adventure parks, revamped concert venue |url=https://www.cbc.ca/news/canada/toronto/ontario-place-future-announcement-1.6123687 |access-date=2022-07-23 |website=Cbc News}}</ref>