The provincial government will move at “lightning speed” as it works to make John Tory’s vision of a revitalized Ontario Place a reality, says Minister of Tourism, Culture and Sport Michael Chan.

Chan made the comment during a news conference Wednesday afternoon, ending several weeks of speculation over whether the Liberal government would endorse Tory’s report or go back to the drawing board.

The 55-page report, which was unveiled on July 26, includes recommendations for a new public concert venue, a number of restaurants, cafes and shops, improved public transit to and from the lake-front facility and a low-rise residential component that would help the area become an active community all year round.

“As you are probably aware Ontario Place has lost its way,” Chan said in accepting all 18 recommendations made in the report. “We are going to rebuild it.”

Chan said the provincial government will contribute $5.5 million to an initial study of the 96-acre lakefront property before engaging in talks with the private sector regarding development opportunities on the site.

Though Tory has contended that residential development shouldn't exceed more than 10 to 15 per cent of Ontario Place land, NDP Member of Provicial Parliament Rosario Marchese said he's concerned the area will be overrun with highrise condominiums.

“By adopting Mr. Tory’s view that Ontario Place should include condominiums and hotels and be driven by the private sector, the government is condoning the further privatization of Toronto’s waterfront,” Marchese said in a press release. “Put simply, the McGuinty Liberals are hopping on board the corporate gravy train and leaving the public behind.”

Chan said he hopes to have a revitalized Ontario Place open to the public by 2017.

More to come…