

The Canadian Press





TORONTO -- A parcel of land on Toronto's waterfront owned by the Liquor Control Board of Ontario has been sold for $260 million.

Finance Minister Charles Sousa announced today that the 4.4 hectares in downtown Toronto was purchased by Menkes Developments Ltd., on behalf of a partnership of Menkes, Greystone Managed Investments and Triovest Realty Advisors.

The developers say their plans include a 24-storey, a 56,000-square-metre office tower that will house a new LCBO head office and a large liquor store, commercial space, a "residential community" and a public park.

The site currently includes the LCBO headquarters, a large warehouse, the agency's flagship liquor store, a parking lot and a park.

The government says it is putting net proceeds from the sale toward infrastructure projects.

The developers say construction on the office tower will start in the fall of 2017 and is expected to be complete in early 2021.