Lifetime Developments Purchases World’s Biggest Bookstore

By PennyMunoz

Although it sparked much controversy, the fact remains that the site for The World’s Biggest Bookstore at 20 Edward Street will join the growing list of Toronto icons to be closing up shop. Last year, National Post predicted that the space would be taken over by a generic, warehouse-type-corporation like Walmart or Home Depot, but the 64,000 square foot site was sold to Lifetime Developments!

While this is great news to us here at newinhomes, opposition from nostalgic, local book worms can be found all over the internet. After more than 34 years in business, it’s about time that this 1980s relic be transformed into a project that puts such valuable space to good use! Lifetime Developments is responsible for many great residential and commercial buildings in Toronto that have brought immeasurable value to the city. Recent Lifetime Developments projects include the Four Seasons Hotel, the 41-storey Bisha Hotel & Residences, INDX Condos and the Karma Condos. All of which will contribute positively to the city’s charismatic, changing landscape as much as they do to the real estate, business and retail industries.

The site, which is only a block from Yonge-Dundas Square and the Eaton Centre had been leased by Indigo for about $1.5 million a year. Vice-President of Real Estate and Development for Indigo Books & Music Inc. Drew McGowen said the company could not afford the new rent, according to metronews. The location has more than 40 employees, many of whom have been there for years. McGowen said that the company is doing what they can to accommodate long-time staff within the store network.

Property owner David Cole said that his father and founder of the bookstore, Jack Cole thought the site would always be a bookstore, but that this was not the case. “I was with my dad the day he bought it in 1979. My dad would have wanted what was best for his family,” said Cole.

Vice-President of Lifetime Developments, Brian Brown said that they haven’t finalized plans for the site, but that “It’s a great property, a great location. I really don’t have much information to share at this point … it’s a property that we may just hold in our portfolio.”

So, if you’re looking for a good winter read, you’d better move quickly and head down before the closing day in February 2014 for your last chance to get a copy of that limited edition Shakespearean play!

Image from 1000thingstoronto.com