The province has sold the property of the LCBO near the city’s waterfront for $260 million.
Menkes Development Ltd. has acquired the land that has 4.4 hectares and is currently home to the Liquor Board of Ontario headquarters, which also has a warehouse, parking lot and park across the street.
According to developers, there will be plans to build a 24-storey , 56,000 square-metre tower with the new LCBO head office and a new liquor store that will also have residential spaces.
The announcement was made by Finance Minister Charles Sousa on Thursday and the provincial government says the money from the sale will go towards infrastructure projects in the near future.
Construction for the new development will take place in the fall of 2017.