A spokesperson for Westbank Projects Corp tells us it's a "little premature" to discuss the sale of Toronto's iconic Honest Ed's property to the Vancouver developer, but that isn't quelling all the talk.
The announcement of the deal yesterday has people buzzing. The sale has generated national media coverage. David Mirvish (with architect Frank Gehry at a news conference for their King Street multi-tower project) is the only child of Ed and Anne Mirvish, founders of Honest Ed's. He owns the store and says the deal will close later this year. The approvals process with the City of Toronto will take between two and three years, during which the discount shopping emporium will keep its doors open. Westbank is the developer behind the luxe Shangri-La hotels in Toronto and Vancouver.
Colliers SVP Milton Lamb, who led the team that brokered the deal, says, "David Mirvish is extremely happy to have Westbank as the future owner as they have demonstrated a great history of working with communities to provide legacy projects." Milton and others point to Westbank's partnership with Ivanhoe Cambridge in the redevelopment of the 53-year-old Oakridge Town Centre (creating a virtual mini city) as another example of one of those legacy projects. Milton could not reveal further details of the Honest Ed's transaction.
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