Oct 28, 2013
By Jane Brown
The site of the iconic Honest Ed’s discount store at Bloor and Bathurst has been sold to Westbank Properties, a Vancouver-based luxury developer. David Mirvish confirmed the sale last night and says the deal will close later this year. David Mirvish is the current owner of the property and son of the late Ed Mirvish, who founded the Toronto store in 1948. Mirvish says Westbank will rent the site and surrounding properties back to him for the next two to three years, while it decides what to do with the 1.8-hectare piece of land. He told the CBC, Westbank will be respectful to the heritage of Honest Ed’s. “They have a wonderful history and track record and I believe that they are sensitive and interested in being part of the Toronto community.”
Westbank Properties built the Shangri-La hotels in Toronto and Vancouver. The financial details of the sale were not disclosed, but the Toronto Star reports that when Mirvish began looking for a buyer in July, the asking price was $100-million.