TORONTO – The government of Toronto has announced that it has agreed to sell the LCBO lands near Lake Ontario to property developer Menkes.
Currently consisting of a four-storey office, warehouse, and retail store, the Liquor Control Board of Ontario (LCBO)’s head office facility sits on a lot located at the northeast corner of Queen’s Quay East and Freeland Street — and considered by many to be among the most valuable waterfront properties in the city.
Yesterday, however, the Government of Ontario (the property’s current owner) announced that it has agreed to sell the land to Menkes Developments for a hefty price tag of $260 million. The locally-based developer plans to use the land to build a mixed-use community, similar in concept to the builder’s adjacent South Core developments at One York and Harbour Plaza.
In its current form, Menkes’ plan for the LCBO site includes:
- A 24-storey, 600,000-square-foot office tower at 100 Queen’s Quay East, designed by B + H Architects with the intent of achieving LEED Platinum certification. The tower is slated for completion in 2021, at full occupancy, will house anywhere from 4,000 to 4,500 workers.
- A 25,000-square-foot LCBO “flagship” retail store, situated at the ground floor of the office tower.
- A new residential community, anchored by a two-acre park, as well as future retail options that will front onto Harbour Street when it is extended past Yonge.
The plan is not yet finalized, however, as Menkes is currently in the process of submitting an Official Plan Amendment and Rezoning By-Law Amendment to the City of Toronto for approval.
“Our goal here is to create a dynamic, multi-dimensional, 24-hour community that meets the diverse needs of the future population who will work, live and play here,” said Alan Menkes, President of Menkes’ High-Rise Residential Division, in a statement issued May 5.
“We look forward to working with the City of Toronto, Waterfront Toronto and local residents as we move through the development approvals process.”