LCBO land sale nets $260 million for Ontario

The  sale of the LCBO head office lands, which is composed of over 11 acres of real estate in downtown Toronto near the waterfront, is netting Ontario some $260 million.LCBO

The government  said on Friday that it was committed to dedicating the money to the Trillium Trust, which helps fund transit, transportation and other key infrastructure projects across the province. The land was sold to Menkes Developments Ltd., on behalf of a partnership comprised of Menkes, Greystone Managed Investments and Triovest Realty Advisors.

Selling the LCBO lands is a key part of the government’s plan to unlock the value of its real estate assets in order to help fund the largest investment in public infrastructure in the province’s history – about $160 billion over 12 years. The planned investments are estimated to support 110,000 jobs, on average, each year across the province.

The successful purchaser was selected through an open and competitive procurement process run by Infrastructure Ontario to deliver the best value for Ontarians. Plans for the development of the lands will be unveiled in the coming weeks and will include new LCBO head office facilities and a flagship retail store. The office tower housing the new LCBO offices and store will be a green space, built to a minimum LEED Gold standard and will strive for LEED Platinum certification. This aligns with the government’s commitment to move towards a low-carbon economy.

A govrment note on the purchase said that “building priority infrastructure is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs.”

The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario’s history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.

  • Ontario’s $5.7 billion asset optimization initiative to fund infrastructure includes the sale of the LCBO lands and other real estate assets, broadening the ownership of Hydro One and previous sales of General Motors shares. The Province is proceeding to unlock the value of the Seaton lands, Lakeview lands and the Ontario Power Generation head office properties. – CINEWS

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