The arena, which in renderings resembles a gigantic spaceship, will mainly be used for entertainment shows and hosting live eSports matches.
The project was announced by Populous, a global design firm, and OverActive Media (OAM), a company owning four major global eSports franchises, including the Toronto Defiant of the Overwatch League and Toronto Ultra of the Call of Duty league. OAM’s investors include The Weeknd and the Toronto Maple Leafs’ Mitch Marner.
The arena is expected to be completed in 2025 and would host over 200 events a year. While the arena will be mainly targeted for eSports matches, OverActive Media plans on hosting a range of events including music performances, award shows, conventions, concerts, and competitions.
The venue will be located on four acres near the north side of Lake Shore Boulevard within Toronto’s Exhibition grounds.
Companies behind the project say it will be the first new event venue in Toronto since BMO Field in 2007.
Plans for the venue are still in the early stages, however. Toronto’s City Council and Exhibition Place board of governors have yet to give the final approval on the proposal.
“We are in the final stages of putting our business terms together with city officials and we are optimistic that we can soon wrap up our discussions to everyone’s satisfaction,” said an OverActive Media spokesperson.