The Ontario government is looking to sell 11 acres of valuable land near the city's waterfront.
Queen’s Park today announced plans to sell 11 acres of prime downtown land currently home to the LCBO’s Queens Quay store, its head office, and a warehouse.
In its 2012 budget, the previous Liberal government projected that the land would be worth well over $200 million, although Infrastructure Minister Brad Duguid refrained today from putting a price on the parcel, saying that “you don’t know the true value until you put it on the market.”
Although customers will soon have to say goodbye to the LCBO’s flagship store, the province is assuring the liquor-buying public that they won’t be seriously inconvenienced: whoever ends up purchasing the property will be expected to set the LCBO up with a new head office and a lease for retail space in the Queens Quay neighbourhood.
The sale should be finalized by the time next summer rolls around—and money generated will be channelled into the Trillium Trust, which provides funds for critical provincial infrastructure projects.