TORONTO - Iconic Toronto store Honest Ed’s — which has stood at the corner of Bloor and Bathurst streets for 65 years — has been sold to a Vancouver-based developer, according to media reports.
The buyer is Westbank Properties, which built the Shangri-La hotels in Toronto and Vancouver.
David Mirvish said Sunday he has a deal with Westbank Properties that will close later this year.
He is the current owner of the property and son of the late Edwin (Honest Ed) Mirvish, who founded the store in 1948.
David Mirvish told the Toronto Star that Westbank will rent the site and surrounding properties back to him for the next two to three years, while it decides what to do with the 1.8-hectare parcel.
The financial details of the sale were not disclosed, but the Star says when Mirvish began looking for a buyer in July, the reported asking price was $100-million.
Residents in the area want at least the iconic signage preserved.
“I’d like to think it’s going to survive. I’m going to be optimistic. At least the sign,” one woman told 680News.
“I can imagine the signs being around in some fashion. It’s a defining part of the neighbourhood, the corner,” a man told 680News.
It will take two to three years for the deal to be finalized and approved.
During this time, the store will operate and traditions like handing out Christmas turkeys will continue, the Mirvish family said.