The condo boom on the eastern waterfront continues at breakneck pace with news that the LCBO headquarters on Queens Quay has been sold to a trio of real estate developers in Menkes, Greystone Managed Investments and Triovest Realty Advisors. The sale of the prime property is reported to have fetched $260 million.

In addition to condos, the site to the east of Yonge St. will also house a 26-storey office tower featuring a sprawling 600,000 square foot LCBO location. Given that the existing warehouse has a heritage designation, it's almost a sure bet that the facade of the existing north building will be preserved as part of the new development.

Waterfront Toronto will be a major part of the redevelopment plans, which all parties promise will accord with the wider vision for the eastern waterfront. In keeping with this, we can expect parks and new streets meant to mitigate the sense of monolithic construction on the water.

Construction is expected to begin in 2017 with a completion date pegged at 2021. In the meantime, the LCBO is on the hunt for a new Toronto warehouse that will bolster its main hub in Whitby.