Out With The old, In With The New
Condominiums aren’t the only thing for sale in Toronto real estate. Honest Ed’s, the discount superstore that has been a Toronto institution for over 50 years is up for sale; and what a sale at that.
David Mirvish’s intention to sell the 1.8 hectre of land that Honest Ed’s stands on has caused city council to put a “ban” on all new stores and retail services in the area bounded by Queen Street West to the south, the Dupont Street train tracks to the north, and the properties fronting onto Bathurst Street in the east and west. As a result, developments on the hotly debated retail complex on Bathurst, just south of College, have been stopped.
On June 18, Councilor Mike Layton of Ward 19 (Trinity–Spadina) submitted the “Bathurst Street – Interim Control – Final Report” to city hall, which was seconded by Councilor Adam Vaughn of Ward 20 (Trinity-Spadina). The report housed the recommendations to halt all development of retail and service stores in the area, (as detailed above) for one year.
The ban, referred to as a one-year moratorium, is not intended to target the already proposed RioCan complex, south of Honest Ed’s, or its first tentative tenant, Walmart, Layton says. The purpose of the year-long ban is to allow a study of “…bylaw changes, changes to the official plan and heritage protections that may benefit the area”.
The 1.8 hectre of land houses more than a dozen small businesses which will have to move locations or close when the sale is made. The Mirvish Village was created in the 1960s, when Mirvish Sr. began renting the area’s old Victorian houses, transforming the area into a stretch of art galleries, boutiques, bookstores and restaurants.
Mirvish has awarded a three-year transition period for the sale, “…allowing owners time to find new properties”. This is an exciting time for these businesses, as they now have the option to enlarge their space and grow their business.
The discussion over selling the land has been going on for years. David Mirvish has denied confirming the 100 million dollar asking price although it seems quite appropriate. “You don’t find this much land in the center of the city, anywhere,” Mirvish said. He is also hoping this gives someone the freedom to ‘re-imagine’ what this corner can signify for the community, and Toronto at large. Further, he hopes to see a “…development mixing retail and residential units”, as well as community input into the design of the land.
The decision to sell now is mainly due to David’s desire to focus on his King St. West properties. Frank Gehry, the Toronto-born architect, responsible for the new look of the Art Gallery of Ontario among others, is partnering with Mirvish Jr. to redevelop a
block and a half on the north side of King St. between John and the Royal Alexandra Theater. The century old warehouses and Princess of Wales Theater, which is currently owned by Mirvish, would be replaced with three towers ranging from 83 floors to 87 floors. The towers would sit atop a glass podium Gehry refers to as the ‘cloud’, which would hold a new gallery housing some of the expansive Mirvish art collection as well as a satellite OCAD facility.
The sale and redevelopment of the land where Honest Ed’s now sits will impact the traffic in the area, aiding in the economic growth of the city. It will also increase taxes, which will be put toward improving our city, overall.
I see a positive outcome for commercial real estate in these developments. The proposed mixed-use projects, such as RioCan’s Bathurst complex and David Mirvish’s idea for the redevelopment of Honest Ed’s, could likely lead to further retail and office space in the area. Additional space will be available for lease as well as more commercial properties for sale. This is one city that is about to see some major real estate action and I am ready to help you make the most of it!
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published on:August 6th, 2013
