Ontario Place supporters will rally Wednesday afternoon in an effort to keep the Toronto waterfront park open.

The Ontario Public Service Employees Union is organizing the rally in Nathan Phillip's Square beginning at 2 p.m. to protest the closure of the park, which was announced by the Ontario government on Feb.1.

The Ontario government says closing parts of the waterfront park for at least five years will stem financial losses and save the government an estimated $20 million each year.

Supporters at Wednesday's rally will be asked to sign a petition and message boards in support of the park.

The boards will be presented to former Progressive Conservative leader John Tory, who is leading an advisory panel to decide on a plan to revitalize the park.

Ontario Place opened in 1971 and once boasted 2.5 million visitors a year. But that number has dwindled to a low of 300,000.

If the park is closed this summer, 600 part-time and 48 full-time jobs will be lost.

The province hopes to overhaul the site in time to celebrate Canada's 150th anniversary in 2017.

Wednesday's protest follows a similar rally the union organized to save the park on February 25.