TORONTO — After standing for 70 years at the corner of Bathurst and Bloor streets, Honest Ed’s has been sold to Westbank Properties, a Vancouver-based luxury developer of homes, offices and hotels.
Honest Ed’s owner, David Mirvish, son of the late Ed Mirvish, founder of the retail discount store and Ed’s wife, Anne, said the deal will close later this year.
The store sits on a 1.8-hectare parcel of land, which includes the nearby Mirvish Village, known for its art galleries, restaurants and stores.
Mirvish said the iconic store will remain open for at least two more years, because the developer will be renting the properties back to him for the next two to three years while it decides how to develop the land.
He told the Toronto Star that Westbank is not in a rush to develop the land and that it has no concrete plans yet.
“I think they want to listen as much as anything else. They have some basic thoughts about it, but they need as wide open a slate as possible to draw the best conclusions,” Mirvish said.
“[The company] has a wonderful history and track record. I think they want to be part of our community and make a contribution to it. I think it will honour my parents.”