The Perimeter Institute is located on the site of a landfill that was decommissioned in 1941. From that time until the Institute was constructed, the Waterloo Memorial Arena occupied the site. The aim of the Perimeter Institute was to develop a landmark building dedicated to theoretical physics to attract and retain the best researchers the world has to offer. The $25-million Perimeter Institute for Theoretical Physics based out of Waterloo, was designed to facilitate public events and conferences while still being able to conduct research activities. It is the largest institute of its kind in the world. The Perimeter Institute is a four-storey, 70,000 sq. ft. building with 44 research offices, 15 administrative offices, a two-storey library, seminar rooms, a large lecture theatre, two lounges, and a bistro with a rooftop deck.