Ontario Unlocking Value in LCBO Lands
Proceeds will fund Infrastructure across Ontario
Ontario is one step closer to unlocking value from the LCBO head office lands including over 11 acres of waterfront real estate in downtown Toronto.
A Stage 1 request for proposals (RFP) was issued by the government in September 2014 for the sale of the site, which includes the LCBO head office, warehouse and the Queens Quay store. The Stage 1 period has closed and the proposals are now under review. The next stage in the process will see a shortlist of proponents established later this spring, who will be invited to submit bids in Stage 2 of the RFP process.
The RFP requires the final purchaser to provide the LCBO with a new head office and downtown retail store to lease. The LCBO retail store must be in a new building in the Queens Quay area.
Net proceeds generated from the sale will be directed into the Trillium Trust, which helps fund roads, bridges, transit, transportation and other key infrastructure projects across the province.
On April 16, 2015, Ontario moved ahead with its plan to unlock the value of certain public assets. This will provide the province with approximately $4 billion to build new transit and other priority infrastructure projects through Moving Ontario Forward.
Investing more than $130 billion over 10 years in public infrastructure - the largest infrastructure investment in the province's history - is part of the government's plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.
- The request for proposals closed April 17, 2015.
- The property includes the LCBO head office at 55 Lake Shore Blvd., East, the LCBO warehouse at 43 Freeland St., and adjoining land, and the LCBO retail store at 2 Cooper St., adjacent to Queens Quay.
- The sale of the site will follow standard government requirements and guidelines and follow an open, fair and competitive process to ensure best value for all Ontarians.
“Building modern infrastructure and transportation networks is a vital component of our government’s plan to grow the economy. The sale of the LCBO head office lands will help support infrastructure projects that will spur job creation and productivity across Ontario. This is an important step in the process, and I look forward to unlocking the true value of these lands – infrastructure investments that build Ontario up”