New LCBO Office Tower First Phase Of Massive Waterfront Community
Menkes Development broke ground Thursday on a new waterfront office tower that marks the first phase of a massive planned 11.5-acre, mixed-use community called Sugar Wharf.
“Today we are delighted to unveil our biggest endeavor yet, a vibrant new neighbourhood that will be the largest mixed-use development in Toronto’s waterfront,” Menkes Development Ltd. President of the High Rise Residential Division Alan Menkes said at the groundbreaking, which was also attended by Ontario Minister of Finance Charles Sousa and Mayor John Tory.
“The development is truly going to transform Toronto’s waterfront district. “
The initial building — at 100 Queens Quay East — will be a 25-storey office tower, featuring approximately 690K SF of Class-AAA space. It was designed by B+H Architects.
The major tenant of the office tower will be the LCBO, which sold the land to Menkes in 2016 for $260M. The LCBO will occupy approximately 225K SF, or 33% of the building. The ground floor will feature a 25K SF flagship LCBO retail store, replacing the current Queens Quay store.
“The office tower that will rise on this very spot will bring together our office staff from 55 Lakeshore, 1 Yonge Street and our retail store on Queens Quay,” LCBO President and CEO George Soleas said at the groundbreaking.
“We are elevating to meet the evolving expectations of our people and customers.”
The building is part of the newly dubbed Sugar Wharf, a master planned community. Still in the planning stages, the project will include five condo towers ranging from 64 to 90 storeys, a mid-rise rental building, 300K SF of commercial retail space, a two-acre park and a public school.
Sugar Wharf will be the largest mixed-use development on the Toronto waterfront. Upon completion, the community is expected to employ over 4,000 people and sport a residential population in excess of 7,000.
“Our goal with Sugar Wharf is to create a multi-dimensional, self-sufficient, 24/7 community that meets the diverse needs of the future population who will work, live and play here,” Menkes said.
“Toronto has a thriving downtown and people want to live here. We are seeing increasing demand for condominiums from all segments of the market, from first-time buyers, to families with children, to empty nesters.”