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An announcement made yesterday by Ontario Finance Minister, Dwight Duncan, has sparked a flurry of activity on UrbanToronto's Forum. As part of the province's plan to solve a $16-billion debt, the government is finding ways of unloading assets, including their extensive real estate holdings. The announcement that the current LCBO headquarters and warehouse at Queens Quay will be sold came as a surprise, but there's already great speculation as to what the site may become.
Duncan stated that he expects the province to gain as much as $200 million from the sale. That figure may have seemed high a decade ago, but with all the development currently underway south of the Gardiner Expressway, it seems logical for such a large site to command a high price. The sale includes the large parking lot at Cooper and Queens Quay, the head office and store on site, as well as the warehouse, seen in the image above, from the corner of Queens Quay and Cooper.
The land is prime real estate for the expansion of WaterfrontToronto's plan for the new waterfront communities — directly across the street is Pier27, while Sugar Beach and Corus Quay are a few blocks east. The site will join Monde Condos, and Sherbourne Commons, and is just outside of WaterfrontToronto's East Bayfront district. No word has been released as to how the bidding process will occur or if the site will be developed by WaterfrontToronto, however it would seem logical for it to at least be planned in accordance with efforts currently underway within the area.
We're excited to see what development occurs on this site, and will keep you updated with any news we receive. Keep an eye out on the Forum to see what everyone is saying, and to join the conversation. For those who frequent the Queen's Quay LCBO, don't worry about losing it. Another (albeit smaller) LCBO is located in the Loblaws at Lower Jarvis. With all the condominiums coming to the neighbourhood, we're sure all your "beverage" needs will be satisfied with a new store in the future.
