The Schoellkopf Power Station was built on land owned by Jacob F. Schoellkopf above the Niagara Gorge near the American Falls, 1,600 feet downriver from Rainbow Bridge. The Schoellkopf Power Station was constructed in three sections between 1905 and 1924, and at the time of its completion was the largest hydroelectric power station in the world. The complex included offices, gatehouses, and other buildings at the top of the Niagara Gorge, and turbine-generator stations located at the base. Water was diverted from the Niagara River above the Falls by a 4,600-foot canal that ran through the city to the edge of the Gorge. Visitors can take an elevator into the Niagara Gorge to discover the remains of the former Schoellkopf Power Plant, which was destroyed on June 7, 1956, when water seeping into its back wall precipitated the spectacular collapse of the southern two-thirds of the station (Powerhouses 3B and 3C) into the Niagara River Gorge. 

In 2013, the Maid of the Mist tour company began construction on the site as a location to store their boats during the harsh winter months. As part of that project, the original elevator shaft was restored and elevator access to the Gorge and the Schoellkopf site was granted. Visitors can also access a connected hiking trail.