Anytime a big plot of land goes on sale in the downtown core, people take notice. Add in a waterfront address, and everyone takes notice!

The Toronto Star reports that the Ontario government is looking to sell off a number of assets in order to help reduce their $16 billion debt. One of those assets is the LCBO’s Toronto headquarters, which happens to sit on prime waterfront land.

“Why would you a have a distribution warehouse on some of the most expensive real estate in the country?” said Finance Minister Dwight Duncan in a statement to the Star. That is an excellent question, one that we have been asking ourselves here at the Toronto Star’s NewInHomes.com. In our opinion, the site, a stone’s throw away from our offices, is long overdue for redevelopment.

The price will be high, rumored to top $200 million, but it’s hard not to be excited about what could be at 55 Lake Shore Blvd. East. The nearly eight-acre site, could be home to one of the most impressive developments in the history of Toronto. Given the surrounding area of the site, mostly commercial and industrial, with some growing real estate projects, like Cityzen’s Pier 27, there shouldn’t be an issue with heights or shadowing.

Also, this is an opportunity to add some much-needed retail space to help our waterfront become friendlier.  Duncan has indicated that the flagship LCBO store will stay on the site, but there is no reason why it could not be incorporated into a bigger, grander retail vision. Perhaps another Maple Leaf Square, just on a much larger scale.  We are speculating, but it is exciting to know that the site may finally be used to its full potential. We are obviously a long, long way away from any news on a potential purchaser, but we think almost every developer will be taking a peek at this site.

Stay tuned to the Toronto Star’s NewInHomes.com — this is one potential development we will be keeping close tabs on.