LCBO

LCBO lands on T.O. waterfront sell for $260-mil

Thursday, May 5, 2016

Ontario is selling the LCBO head office lands near the Toronto waterfront to Menkes Developments Ltd. for $260 million.

Plans for a mixed use development, soon to be unveiled, include a new, ‘multi-dimensional, 24-hour residential community, with a two-acre park. Also, set to rise on the 11-acre property are new LCBO head offices and a 25,000-square-foot flagship retail store that will both be housed in a Class AAA green office tower built to minimum LEED Gold Standard and targeted for LEED Platinum certification.

“There is strong and growing demand for new, high-quality office space in downtown Toronto,” said Peter Menkes, president of the commercial and industrial division of Menkes. “Corporations and their employees have a desire to be in the core, close to Union Station and the revitalized waterfront, and in a leading-edge facility that is built and operated in the most environmentally sustainable manner.”

The 24-storey office tower, with 300,000 square feet of retail space, is designed by B+H Architects. Construction is expected to start in Fall 2017. Once completed in early 2021, about 4,000 to 4,500 people will work there. LCBO will be a major tenant accounting for 33 per cent of the building. The existing LCBO warehouse operation on the property will be moved off-site.

“The new flagship Queen’s Quay store will ensure this growing, vibrant waterfront community has continued and enhanced access to convenient, one-stop beverage alcohol shopping,” added George Soleas, acting president and chief executive officer of the LCBO.

Menkes Developments Ltd., on behalf of a partnership between Menkes, Greystone Managed Investments and Triovest Realty Advisors, won a bid for the real estate after Infrastructure Ontario issued a Request for Proposal for the sale in September 2014.

Revenue will be invested into the Trillium Trust, which funds transit, transportation and other key infrastructure projects.

 

LCBO 2

 

 

 

 

 

 

 

 

 

 

 

 

Photo courtesy of Menkes Developments: View of proposed office tower at 100 Queens Quay East.

 

Leave a Reply

Your email address will not be published. Required fields are marked *