Over the summer, we announced that the iconic discount retailer, Honest Ed’s was on the market. The store has been open for over 60 years and has been a staple to Bloor West since it opened in 1948. Last Sunday, David Mirvish signed a deal to sell the site to Westbank Properties of Vancouver, the same developers that built the Shangri-La Hotel. The 350 000 square foot property was rumoured to be up for grabs for around $100 million. If you’re one of the many that is sad to see Honest Ed’s go, don’t fret yet. The approval process will take two to three years, which means that the bargain discount store will remain open until Westbank determines what their plans for the property are.
As for the Mirvish family, their legacy will live on. David Mirvish has plans to evolve his family’s business down to King Street where he has proposed a development project alongside Frank Gehry to build three 80+ storey condo towers, retail space, space for OCAD University and a private museum for Mr. Mirvish’s collection. Though nothing has been approved yet, he will be taking the project to the Ontario Municipal Board in January.
What do you think about the property being sold? Will you miss the Honest Ed’s? Does Toronto need more condos?
Source: The Globe and Mail