After years of talk, the Ontario government has finally hung a For Sale sign on the waterfront LCBO lands, setting the stage for the rejuvenation of a prime downtown locale just east of Yonge St.

The 11-acre parcel, sandwiched between the Toronto Star building and the Loblaws store on Queens Quay, is expected to fetch at least $200 million, with proceeds promised for public transit expansion.

Infrastructure Minister Brad Duguid — who issued a request for proposals from developers Thursday — wouldn’t comment on appraisals the government has received for “one of the most valuable properties in the downtown Toronto area” surrounded by new condos and office complexes.

“You don’t know the true value until you put it on the market,” he added at a news conference in a small park just east of the LCBO. “We expect there will be significant competition for this property.”

Neighbourhood residents and shoppers passing through the area won’t have to worry about losing the massive liquor store on the site.

As part of any deal, the successful bidder must provide space for another booze outlet on the property and give the Liquor Control Board — which also operates its headquarters and a warehouse on the site across from a harbourfront sugar factory — a new head office in the city centre.

“It will be a flagship store serving the downtown core,” said LCBO chief executive Bob Peter.

The warehouse, widely used by wine and liquor agencies and wine club members as a pickup spot, will likely be moved elsewhere in the GTA, raising concerns about longer travel times for some. There is also a parking lot taking up about one-quarter of the site.

Duguid said he hopes a deal can be finalized by next summer with an eye to getting “the highest and best price for taxpayers” as the government raises cash to bankroll a 10-year, $130-billion infrastructure improvement plan, including transit.

He brushed aside questions as to why officials from the City of Toronto — which must approve any development plans — and Waterfront Toronto were not invited to the announcement.

“Whoever purchases the land will have to work with the city,” Duguid acknowledged, which will include zoning and a heritage designation of the LCBO office building on the north side of the property.

“Any proponent will have to be respectful of that.”

The City of Toronto and Waterfront Toronto have been working on a vision for the area that includes a mixed use development with streets and blocks, towers on the west side scaling down to lower structures on the east, including parks, affordable housing and heritage conservation — likely saving the north building’s facade.

“Creating a new waterfront neighbourhood requires careful attention to getting the right mix of residential and commercial uses, a range of unit types, sizes, and affordability and the community services needed to support the neighbourhood,” said Andrew Hilton of Waterfront Toronto.

Six condo towers are already proposed across from the LCBO offices in a parking lot on the north side of the Star building.

At Queen’s Park, New Democrat MPP Catherine Fife charged the land sale is the start of a “fire sale” of government assets by a government scrambling to erase a $12 billion deficit.

Loading... Loading... Loading... Loading... Loading... Loading...

Progressive Conservative MPP Vic Fedeli said he’s concerned the Liberals will use the proceeds to fluff the books instead of putting cash towards transit.

“This is smoke and mirrors.”