The Ontario government has announced that it is moving forward with its plan to sell its LCBO property on Toronto’s waterfront.
The 4.5 hectare waterfront property, located at 55 Lake Shore Blvd. E., houses a head office, warehouse and its Queens Quay store.
“Today, we are announcing the launch of the sale process for the LCBO’s headquarter lands here on Lake Shore Boulevard East. This location is one of the most valuable properties in the downtown Toronto area,” Minister of Economic Development, Employment and Infrastructure Brad Duguid said at a news conference on Thursday morning.
Money from the sale of the property will fund key infrastructure projects in Ontario though the Trillium Trust fund.
“This will be the first major initiative to contribute money to that fund,” Duguid said.
As part of the process, the purchaser will have to provide the LCBO with a new head office and a retail store, which must be in the Queens Quay area.
The minister said the sale would be “win-win situation for our province.”
“The infrastructure investments we can make with this sale with help expand Ontario’s economy, improve our competitiveness, boost productivity and create jobs,” Duguid said.
Citing an April 2013 report from the Conference Board of Canada, Duguid said that every dollar invested in public infrastructure in Ontario raises the province’s GDP by $1.14 in the near term.
He said the Liberal government has invested close to $100 billion in infrastructure projects since 2003, leading to 100,000 jobs in construction and related industries each year.
“We’re proposing to invest more than $130 billion in public infrastructure over the next 10 years,” Duguid said.
Potential buyers for the LCBO lands will be sought through a request for proposals process (RFP).
Duguid said the property has “significantly appreciated in value over the years, and many developers are interested in this.”
The province said Infrastructure Ontario will issue an RFP on Thursday, and publicly post it on the MERX website.
“As always, Infrastructure Ontario will ensure that the sale of these lands will be delivered and managed through an open, fair and transparent process,” Duguid said.