Toronto's changing face down along the waterfront area continues to evolve, especially with the continued work in the Cherry Beach area. The old LCBO property which held the headquarters, warehouse and retail outlet was sold to developers in 2016 for $260 million. They moved the retail operation into a new tower to the east. The view at top is from Queens Quay East.
Now the old buildings are being chipped away until only parts of the façade remain which are to be incorporated into the base of the new buildings proposed for the site. New towers will takeover the site with an estimated 3,000 condos being constructed.
The original buildings were built in 1950 and are covered in buff brick and were designated as heritage buildings.
The view from Cooper Street.
From the Province's news release "Ontario is securing $260 million, subject to closing adjustments, from the sale of the LCBO head office lands, which is composed of over 11 acres of real estate in downtown Toronto near the waterfront, to Menkes Developments Ltd., on behalf of a partnership comprised of Menkes, Greystone Managed Investments and Triovest Realty Advisors.
The government is committed to dedicating the net proceeds generated from the sale to the Trillium Trust, which helps fund transit, transportation and other key infrastructure projects across the province.
Selling the LCBO lands is a key part of the government's plan to unlock the value of its real estate assets in order to help fund the largest investment in public infrastructure in the province's history - about $160 billion over 12 years. The planned investments are estimated to support 110,000 jobs, on average, each year across the province."
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