In a statement, the Falls Management Company said that the festival would "fulfill aspirations of both the National Arts Centre Orchestra and the Toronto Symphony Orchestra to have significant summer activities on a scale comparable to the legendary Tanglewood Festival in Massachusetts or the Ravinia Festival in Chicago."

The first stage of the study will be complete early next year; if the results are positive, there will be a second phase to consider "scope of activity, size and type of venue, location options, and the required financial partnerships," according to Toronto Symphony spokesman Mike Forrester.

"As it stands, it would be several years before a shovel would hit the ground, and a couple of years beyond that before a note would be heard," Forrester said. "An exciting possibility nonetheless."