TORONTO – Casa Loma has seen better days and the City of Toronto wants the iconic building to step into the modern age by searching for a new operator with a vision to give the landmark a fresh lease on life.
“It’s making a little bit of a profit, but we can do a lot better,” said city councillor Joe Mihevc.
Casa Loma was acquired by the City of Toronto in 1936 and was managed for the next 75 years by the Kiwanis Club of Casa Loma.
In June 2011, City Council created the Casa Loma Corporation and replaced the Kiwanis Club as the operator.
Although the attraction remains a tourist hotspot, city officials say it just isn’t garnering the interest and profits it used to.
That’s why the city’s executive committee is meeting this week to discuss a process to bring a new operator into place.
“Alternatives we looked at range from multi-residential housing, office, commercial or retail, or using it for institutional use,” said Michael Williams, Chair of the Casa Loma Corporation and general manager of economic development of culture for the City of Toronto.
The recommendation from the corporation is to contract out operation of the site to a third party which could include a mandate to modify the building or fix it up.
“We know there is $20 million that is needed to reinvigorate the rest of the site,” said Williams. “We’ve already spent $18 million on the castle itself and only 1 of the 7 stages is left.”
It’s unknown how much of that amount the city would have to pay, and how much would be picked up by the new operator.
The decision of the executive committee just sets the scene for this plan going forward but will need the approval of city council.
The hope is that proposals will be vetted and a new operator could be chosen sometime next year.
-with a report from Global Toronto’s Mark Caracasole
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