This is an amazing plot of land but I can't see it as being anything other than a long-term buy and hold by a large institutional investor.

Maybe I just don't know what is going on behind the scenes but it seems like we already have downtown commercial building proposals in the pipes that will absorb any demand for new space for the foreseeable future.

Could be another residential condo neighbourhood but I hope not.
 
TrickyRicky said:
This is an amazing plot of land but I can't see it as being anything other than a long-term buy and hold by a large institutional investor.

Maybe I just don't know what is going on behind the scenes but it seems like we already have downtown commercial building proposals in the pipes that will absorb any demand for new space for the foreseeable future.

Could be another residential condo neighbourhood but I hope not.
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And why not? You state there is a glut of commercial building proposals in the pipes that will take considerable time for the market to absorb and on the other hand decry residential development for the site, hoping it remains vacant until it can be developed for office space.

Personally, the site is suited for not one or the other but mixed-use development. Something similar to The Well or the Honest Ed redevelopment would be fabulous but with densities approaching 1 Yonge, its neighbor next door. What your basically advocating is the misguided approach of segregating land-uses. Scarborough Centre is one example that planners first conceived in the 1960s and have maintained for decades despite its colossal sins: reserve vacant land indefinitely for commercial development, and don't let it be gobbled up for residential uses. It never worked. The long vacant land has done nothing favorable for Scarborough.

Under current zoning, there must be tens of millions of commercial development potential on the waterfront and downtown. Far more than Toronto will ever need within our lifetimes. If I'm wrong, the remaining sites can be rezoned for higher densities. What you don't do is let a prime piece of waterfront property grow weeds in hopes of a singular use office complex.
 
It's September, so some gears are turning again…

News Release

Ontario Moving Forward with Sale of LCBO Lands
September 10, 2015

Proceeds will Fund Infrastructure Projects Across the Province
Ontario has reached another milestone in its plan to unlock value from the LCBO head office lands, including over 11 acres of waterfront real estate in downtown Toronto.
Proponents were invited to submit development plans and a purchase price in the second stage of the Request for Proposals (RFP) process earlier this year. The Stage 2 period has now closed and negotiations with a potential purchaser are set to begin. The transaction is expected to be completed by March 31, 2016.

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.

This is part of the government's plan to support asset optimization targets of $5.7 billion to build new transit and other priority infrastructure across the province.

Making the largest investment in public infrastructure in Ontario's history is part of the government's four-part plan to build Ontario up, which also includes investing in people's talents and skills, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.


QUICK FACTS
  • The second stage of the RFP closed on September 4, 2015.
  • The property includes the LCBO head office at 55 Lake Shore Blvd., East, the LCBO warehouse at 43 Freeland St., and adjoining land, and the LCBO retail store at 2 Cooper St., adjacent to Queens Quay.
  • The sale of the site is following standard government requirements and guidelines and involves an open, fair and competitive process to ensure best value for all Ontarians.
  • The province is committed to working with Waterfront Toronto to ensure the project is well integrated into the city’s plans for the waterfront community.
 
According to the Globe, the sale could fetch $200 million. The East Bayfront LRT needs around $200 to $300 million, apparently... Anyone else thinking what I'm thinking?
 
Any developer looking to buy this site will have done their homework to determine what they can likely build here. As such, there must be concept sketches somewhere. This is a very exciting property and I can't wait to see who the developer is and what they will propose. I can't imagine they will want to finance a $200,000,000 land purchase for too long before seeing some revenue so I feel we wont have to wait very long.
 
Automation Gallery said:
Im going to put my bet on one of these. Tridel, Menkes, Great Gulf
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Would be nice to see GG take on a massive site like this, though there will be a office commercial component and they will have to partner?

Something along the lines of The Well, maybe with a bit more height/density but pushes the design boundaries more would be perfect.

AoD
 
AlvinofDiaspar said:
Would be nice to see GG take on a massive site like this, though there will be a office commercial component and they will have to partner?

Something along the lines of The Well, maybe with a bit more height/density but pushes the design boundaries more would be perfect.

AoD
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Great Gulf is a subsidiary of First Gulf, so office commercial wouldn't be much of an issue for them. Though I'm sure their focus is more on the Unilever site than here.
 
AlvinofDiaspar said:
Would be nice to see GG take on a massive site like this, though there will be a office commercial component and they will have to partner?
Click to expand...

marcus_a_j said:
Great Gulf is a subsidiary of First Gulf, so office commercial wouldn't be much of an issue for them. Though I'm sure their focus is more on the Unilever site than here.
Click to expand...

First Gulf is also doing the Globe and Mail Centre. No reason Great Gulf can't do mixed use.
 
Tridel winning the bid would be a disaster. Hopefully it will go to a developer that will deliver high quality architecture.
 
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