One of Toronto's most recognizable buildings throughout much of the 20th century has just sold for $96 million.

The Harbour Commission Building, which used to jut out into Lake Ontario, was offloaded by Ports Toronto to Oxford Properties and the Canada Pension Plan Investment Board.

You know what that means. It's located in the midst of the rapidly rising South Core neighbourhood, so you can probably expect some form of mixed used development to eventually be proposed for the site.

The good news coming out of the sale is that the historic building will be restored and subsequently maintained as part of any new project around or atop the existing structure.

While the lower part of the building is currently occupied by Harbour 60 Steakhouse, the upper levels have been home to Ports Toronto offices and are rarely seen outside of an appearance at Doors Open. Redevelopment could conceivably improve the building's accessibility.

As far as Ports Toronto goes, the reason for the sale is pretty obvious. The organization has a self-sustaining mandate for its operation of the harbour, infrastructure projects, and various environmental and marine safety programs, so sitting on such a valuable property wasn't realistic.