Premier Kathleen Wynne says if the Liberals win the June 12 election no condos would be built on the Ontario Place site on Toronto's lakeshore.
Wynne says the waterfront land should be open to everyone and the Liberals would instead create an "urban park" in time for the 2015 Pan Am and Parapan Am Games.
The Liberal leader also says the government would partner with the private sector to establish a year-round music venue.
The site of the Toronto amusement park was closed in 2012 due to declining attendance and to help trim a $15-billion deficit, with the province saying it couldn't afford to keep the park open.
The government has previously said the park was costing the Ontario government about $20 million a year and attendance had dropped from 2.5 million when it opened in 1971 to about 300,000 a year.
Other Liberal plans for the property include a waterfront trail, stores and restaurants and re-purposing the large sphere that used to show IMAX movies.