After the site was selected in mid-1979, Mr. Odette appointed Rina Greer, an art consultant and administrator, as Director of the exhibition space and asked her to prepare the Terms of Reference that would identify the development, mandate, operation and scope of the program for the proposed sculpture garden. On December 5, 1979, City Council approved these Terms and a Feasibility Study for the renewal of a City owned building at 111 King Street East prepared by architect George Robb. The Toronto Sculpture Garden was thus formally created and the director assembled the first Art Advisory Board to plan the inaugural exhibition.

The Toronto Sculpture Garden officially opened at 2:30 p.m. on September 11, 1981, some seven years after the idea was first conceived. The three hundred guests at the opening ceremony heard remarks by The Honourable John B. Aird, Lieutenant Governor of Ontario, The Honourable William G. Davis, Premier of Ontario, His Worship Arthur C. Eggleton, Mayor of Toronto and, representing the Toronto Sculpture Garden, Louis L. Odette, Patron, Ted Bieler, Artist and Art Advisory Board Member and Rina Greer, Director. A gala party was held at the King Edward Hotel following the opening ceremony.

Mr. Odette formed the non-profit L.L.O. Sculpture Garden Foundation to fund the annual operating expenses for the Toronto Sculpture Garden. The Foundation provided most of the funding required to develop the site with the balance offset by a generous contribution from the Ontario Ministry of Citizenship & Culture of a one-time $200,000 capital grant. Through his company, Eastern Construction Company Ltd., Mr. Odette provided labour and materials for construction and site supervision under the direction of Douglas Campbell.

An agreement was negotiated with the City whereby the Foundation would have a long term lease on the adjacent building at 111 King Street East in return for financing all leasehold improvements required to rehabilitate the building for a restaurant and contemporary commercial use. The Foundation was permitted to sublet the space to generate revenue which would offset annual operating expenses for the Toronto Sculpture Garden. La Maquette Restaurant has occupied this space since 1983, providing an elegant dining setting overlooking the site and indirectly contributing operating revenue for the sculpture exhibitions. The City of Toronto, through the Department of Parks and Recreation, maintains the site as a park and is responsible for the maintenance and security of the grounds.