OverActive Media first announced plans to build the esports and entertainment venue in February.
The facility will host the company’s professional Call of Duty and Overwatch League franchises.
Chris Overholt, President and CEO of OverActive Media, said: “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. Once the venue is completed, we believe that it will contribute significantly to the growth of OverActive Media.”
OverActive Media’s venue is anticipated to book 180-200 events per year, hoping to drive diverse employment and economic activity in the area. Moreover, the performance venue project is expected to bring significant qualitative and quantitative benefits to the city.
According to an Economic Impact Analysis prepared by urbanMetrics inc., the performance venue project will bear a variety of benefits. For example, over 3,000 jobs will be supported during the planning, design, and construction phases of development.
John Tory, Mayor of the City of Toronto, added: “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.
“With City Council’s approval, I look forward to seeing this project get underway, providing a new hub for Toronto and the surrounding community.”
Additionally, the venue will highlight Toronto through live broadcasts, enhanced media presence, social media posts and fan and performer experiences.
Esports Insider says: This is an important milestone for OverActive Media that will increase its presence in Toronto and will drive esports fans to the country. The new venue is also expected to bring significant revenue both to the government and the company while also creating esports job opportunities.