The Austrian company building a spa where Ontario Place used to sit will be spending $700 million to construct its new facilities and parkland on Toronto's waterfront, the province revealed Thursday.

The Ontario government has released the terms of its 95-year lease with European company Therme for the spa and waterpark it plans to build at Ontario Place, and it shows the province has promised 1,600 parking spaces for the private facility.

Infrastructure Ontario published the lease it signed with Therme on Thursday, with the government touting the benefits it claims the deal will bring for taxpayers.