Lands owned by the Ontario government and other entities will be converted into a public park and wildlife refuge.
The KSK Lands Project is scheduled to open in 2021.
The Ontario government is also proposing to sell the land to a private developer.
The province announced the land acquisition in December and announced that the province has signed a memorandum of understanding to purchase the land for $1.2 billion.
“The government has made clear its intent to invest in our province, and that’s why we’re working hard to bring KSK lands to a successful conclusion,” Premier Kathleen Wynne said in a statement.
“KSK lands will be a unique asset for the province, as it offers an unparalleled wildlife corridor and a unique wildlife habitat that is both beautiful and open to the public.”
A total of 5,200 hectares of KSK Land have been acquired so far, with about 400,000 hectares remaining in the public domain.
It is the second major land acquisition by the province.
The province purchased the entire western portion of Ontario from the City of London in June, 2017.
In April, the province announced a plan to sell off 1,700 hectares of the KSK-owned land to an unnamed private developer for $5.5 billion.