Ontario Place, a fading Toronto icon, will soon be torn down and replaced by a newer version to restore the park to its former glory.

The provincial Crown corporation has put out a formal request for ideas to completely redevelop its 39-hectare (96-acre) space along Lake Ontario, which will probably result in the removal of features, such as the once groundbreaking Cinesphere, that have grown tired.

“It’s very early. But this is exciting,” said Tim Casey, the general manager of Ontario Place. “2011 will be our 40th anniversary. It definitely needs a revitalization, that’s no surprise. It’s a blank slate, we’re open to just about anything.”

Ideas have to be in by Sept. 10, with a more formal request for proposals to follow. A winning plan will hopefully be selected by the summer of 2011.

Major work should begin in two to four years.

The project might represent the greatest opportunity in the world for a private firm to completely reshape a large section of waterfront along a major city. Long past its landmark years, Ontario Place has become basically irrelevant to locals and visitors to Toronto.

“The park is really for younger kids,” said Melissa McKernan, who works at Beaver Tails Pastry inside Ontario Place. She said, despite the beautiful weather on a Thursday night along the waterfront, it’s typically quiet. “I see a couple come in thinking it’s going to be like Canada’s Wonderland and walk around all day with nothing to do.”

To reshape the space, Casey said a public-private partnership is being sought, that could include a combination of partners to work with Ontario Place to make the “jewel along the waterfront” an internationally recognized destination. It should also reconnect the space with the rest of the waterfront and the city it’s become cut off from.

The sky is truly the limit. When asked whether an iconic arts building such as the famed Sydney Opera House, or an amusement park feature like the towering London Eye might highlight the new design, Casey said, “We’re not only looking for one iconic structure, we’re looking for the entire park to be developed into that type of destination.”

Even a university building and campus space might be a great feature, he said.

Casey added that the design will have to move Ontario Place from a summertime destination to a “365-day-a-year operation. We want features and facilities that won’t be dependent on the weather.”

Attendance to Ontario Place has dropped considerably since the 2.5 million annual visitors it received after it opened in 1971, with a price tag of $29 million. Of the roughly 1 million visitors last year, half went to watch concerts at the amphitheatre, Casey said. Attendance has been at the same level for the past five years.

When asked whether the Cinesphere (the world’s first permanent IMAX theatre) or any of the other pavilion complexes at Ontario Place might be torn down, Casey said most likely.

The Ministry of Tourism oversees Ontario Place and Casey said provincial officials, as well as Toronto Mayor David Miller, have been consulted throughout the process that led to Thursday’s announcement.

Government funding from all three levels would be welcome, Casey said, but until a final plan is zeroed in on and private partners are in place with a financing scheme, it’s too early to start requesting funds.

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“We have had cursory talks with Metrolinx and the TTC about the development of new transportation into the park as part of the redevelopment, but even that is at a very early stage. Right now we’re just asking for the vision to turn Ontario Place into what it once was: A real jewel on the lake.

With files from Jayme Poisson