Westbank Announces Plans for Honest Ed's Site

Mixed-use development to rise at corner of Bloor and Bathurst.

Bloor Street Looking South

Westbank, a Vancouver-based property developer, purchased the 1.8-hectare Honest Ed's/Mirvish Village site in 2013. This week they announced their plans at a neighbourhood open house

The unique proposal omits traditional condos for a mixed use development that includes 1000 rental units (many of them family sized) and a mixture of retail and commercial space, with a marketplace dubbed "Mirvish Village Market." The retail component will be largely small scale and echo the storefronts that line Bloor Street.

Bathurst Street Storefronts

For the residential component, Westbank is proposing three towers of between 21-29 storeys in height, the largest at the corner of Bloor and Bathurst. The entire development will be around a million square feet and proposes significant densification in a largely low-to-mid rise neighbourhood.

Westbank says their development plans will be informed by the German phrase “Gesamtkunstwerk,” a word adopted by the Bauhaus movement to describe the incorporation of the arts into design. At the Mirvish site, Westbank has promised a conversation with neighbourhood residents with a speaker series. Another open house is planned for the fall ahead of pre-application meetings with the City.

[Click here for the Westbank site.]

Preview: What could Westbank have in mind for Honest Ed's?

As reported recently, real estate developer Westbank has secured the Honest Ed's site at Bloor and Bathurst. The developer is a new entrant into Toronto's hot real estate market. Their first property was the luxurious 700 foot tall Shangri-La Hotel on University Avenue. But what could Westbank have in store for the iconic Honest Ed's?

Toronto's Shangri-La Hotel

Westbank was established in 1992 and has over $10 billion in either completed or developed projects, primarily in Western Canada. Its projects include condominiums, commercial real estate, and retail (where the company's roots lay, as it started off developing shopping centres). It is widely considered to be a high end development company.

One of the most interesting retail related projects that Westbank has undertaken was the redevelopment of Vancouver's flagship Woodward's department store site. The now defunct Woodward's chain was a mainstay of retail life in British Columbia until it folded in 1993. The Woodward's building in the Downtown Eastside was a local landmark but fell into disrepair and was abandoned after the company's closure.

Vancouver Woodward's

Westbank was selected to redevelop the Woodward's site. The end result (which included demolishing most of the Woodward's building) was over one million square feet of mixed-use development including residential, institutional, and retail space. Also included were apartment units at below market rates that aimed to create an inclusive development.

Part of the Woodward's project included retaining the retailer's iconic W sign. Perhaps when it comes time for Westbank to put their stamp on their Honest Ed's redevelopment, they might incorporate some of the retailer's own iconic signage.

News: Honest Ed's Sold to Developer

David Mirvish has confirmed that Honest Ed's (the discount department store that was put up for sale this past summer) has been sold to Vancouver-based developer Westbank Properties.

Honest Ed's was opened over seven decades ago by David Mirvish's father Ed. The iconic discounter fills a city block at the corner of Bloor and Bathurst Streets. Known for it's flashy outdoor signs, annual Christmas turkey giveaway, and cheeky handmade instore signage, Honest Ed's had become a Toronto institution.

This past July it was reported that the store was beingoffered for sale for $100 million, and that David Mirvish would concentrate his energies on Mirvish Productions and a Frank Gehry designed redevelopment of his King Street properties.

Buyer Westbank is known as a luxury developer and was behind Toronto's Shangri-La Hotel. No plans for the site were announced, but Mirvish confirmed to media that the store will remain open for up to three years while the plans are finalized.

Also included in the deal are properties along Markham Street in the area known as Mirvish Village. This street is a unique collection of small retailers and restaurants and it's expected it will be affected by the redevelopment.

The Mirvish property at Bloor and Bathurst

[Image via Honest Ed's, map via Google Maps]

News: Honest Ed’s Reportedly For Sale

The National Post is reporting that Honest Ed’s, the kitschy discount emporium at Bloor and Bathurst has been discreetly put on the market. The store and several adjacent properties collectively known as Mirvish Village are being valued at $100 million.

Honest Ed’s opened in 1948 to instant popularity and has become a local institution with its cheeky handmade posters and its massive signature outdoor signage. The 165,000 square foot store will soon celebrate its 65th anniversary.

First the Mirvish owned Princess of Wales Theatre is planned to be demolished for a condo development and now Honest Ed’s is on the block. It makes one wonder what would Ed think?

[Image via Honest Ed’s]