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Iconic Toronto Property Sold


Honest Ed's days are numbered. Vancouver's Westbank Projects Corp has reached a deal to buy the property. (If you "Come in and get lost," just make sure you're out before the wrecking ball comes.)


David Mirvish (left, with architect Frank Gehry at the news conference for their King Street multi-tower project, one of the areas where David is focusing going forward) is the only child of Ed and Anne Mirvish, who founded Honest Ed's. He now owns the store and says the deal will close later this year; the approvals process with the city 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, tells us, "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." One of those legacy projects is Westbank's partnership with Ivanhoe Cambridge in the redevelopment of Vancouver's 53-year-old Oakridge Centre into a virtual mini-city. Milton was unable to share further details of the Honest Ed's transaction.