News has been received from Toronto that one of the most important pieces of their real estate portfolio is being but up for sale by the Liberal government. They are asking for bids to be made on the water front site that measures 4 acres and is currently in the ownership of the Liquor Control Board of Ontario.
Brad Duguid who is the minister for Economic development has said that he is not aware of the amount that is expected to be raised as a result of the sale, but he does speak highly of the site saying that it is one of the best pieces of real estate, not only in the City but the entire Province.
He went on to say that this is not an oversight, but that there had not been an assessment and that there was a clear reason for this. The only way that the true value of the plot will be determined is to not suggest a price but see what prospective buyers are prepared to offer. There is however at least one condition being put on the sale and that is the fact that the developers will have to put certain items into their project. It will be necessary for them to include a new LCBO head office as well as make sure that there is retail space included. This is because there is a need to have a liquor store that will be in place of the one that was on Queens Quay.
Mr Duguid has insisted that the revenue from the sale will be ring-fenced and future infrastructure and transit projects will be the schemes to benefit.
Reports suggest that there is going to be a great deal of interest in the sale and that developers will be prepared to work with them to make sure that the sale has gone through by the summer. He explained that there has been a lot of speculation in the past and this was bound to bring in a lot of companies and ensure that there is competition. This has to happen as it is the only way that it can be assured that the best price is achieved.
He ended by saying that he was hopeful that by the summer there will be a new owner and that it will be possible to pass on the money that had been achieved can be shared with the residents