Who is the successful purchaser? The successful purchaser is Menkes Development Ltd., on behalf of a partnership comprised of Menkes, Greystone Managed Investments and Triovest Realty Advisors.
Where will the revenue from the sale go? The net revenue from the sale will flow to the Trillium Trust, which helps fund roads, bridges, transit, transportation and other key infrastructure projects across the province.
How much did the Lands sell for? Ontario is selling the LCBO Head office lands for approximately $260 million, subject to closing adjustments. The net revenue gains will flow to the Trillium Trust to fund key infrastructure projects across Ontario.
Now that the Lands have been sold, when will development begin? The timing of the development of the LCBO Lands will be up to Menkes Development Ltd., as the successful purchaser.
What will happen to the Head Office building and retail store that are on the Lands now? It was a requirement of the RFP that the LCBO would be provided with a new Head Office and downtown retail store within the Queens Quay area to lease. As per Menkes Development Ltd.’s proposal, the new Head Office and retail store will both remain on the current site as part of a planned new build. The development plans of the reminder of the site are up to Menkes Development Ltd., as the successful purchaser.
What is a Request for Proposal (RFP)? The RFP is a document that sets out the open, competitive procurement process, submission requirements, conditions and specifications for the selection of a purchaser.
When was the RFP issued? Infrastructure Ontario issued Phase 1 of a two phase RFP for the sale of the LCBO Lands on September 4, 2014. Phase 2 of the RFP began on April 16, 2015 and closed on September 9, 2015.
Where can I see the RFP? The RFP is available on the Infrastructure Ontario website.
Why was an RFP issued for this sale? The RFP process provided the best opportunity to satisfy the business and operational needs of the LCBO while also maximizing the value of the LCBO Lands. It provides a mechanism for potential purchasers to become familiar with the project risks, expectations and requirements of the sale prior to submitting a fully informed and viable proposal that maximizes the Land’s potential sale value. The RFP process ensures a fair and transparent treatment of all bidders as it creates a clear and documented evaluation structure. This approach ensures a competitive procurement environment as well as value to taxpayers.
How were the proposals evaluated? Details regarding the proposal evaluation were set out in the RFP documents.
Was the RFP open to all proponents? The sale price is not known at this time. The RFP was openly procured through MERX, and was open to all interested and qualified parties, including those outside of Ontario. Infrastructure Ontario does not exclude companies based outside of Ontario.