TORONTO - The Liberal government is putting one of the jewels in its real estate portfolio up for sale, seeking bids for the four-hectare site owned by the Liquor Control Board of Ontario on the Toronto waterfront.

Economic Development Minister Brad Duguid says he doesn't know how much the government could get for the sale of what he calls the most valuable piece of real estate in the city and the province.

Duguid says he intentionally did not look at any assessments of the land, insisting the only way to determine the true value is to put it on the market and see what's offered.

He says the developers will have to provide a space in the project for a new LCBO head office and a retail outlet to replace the flagship liquor store on Queen's Quay.

Duguid promises all revenue generated from selling the LCBO lands will go towards transit and infrastructure projects.

He expects there will be a lot of interest from developers, and hopes the sale will be completed by next summer.