Ontario to Sell LCBO’s Toronto Waterfront Land

The government has announced its plan to sell LCBO headquarters on 11 prime acres of Toronto’s waterfront as the Economic Development and Infrastructure Minister, Brad Duguid, declared to have completely all formalities to put up a “for sale” sign to ensure the large parcel of land is sold by next summer.

Duguid mentioned on Thursday that “this location is one of the most valuable properties in the downtown Toronto area.” He stated that “it has significantly appreciated in value over the years and many developers are interested in this site.” Duguid alleged that he plans to re-invest in transportation and transit infrastructure and disregarded consideration to apply the funds to Ontario’s debt, which has almost neared $300 billion. Duguid stressed that he believes it makes more sense to invest in infrastructure instead, which will in return boost the provincial economy.

The LCBO plans to remain in the area on leased property. Although the Ontario government has been vowing to sell off the land for years, Duguid confirmed that he will set up a “request for proposals,” or RFP, to make it happen. LCBO President and CEO, Bob Peter, stated that the company has paid almost $1.74 billion in dividends excluding taxes to its owner, the province of Ontario, this past year. He mentioned that “over this 20-year period, the LCBO has transferred a total of $22.5 billion to the government,” adding that “this revenue helps the government invest in important priorities such as health care, education, infrastructure and job creation.”

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