Honest Ed’s will continue to operate for at least the next three years despite the tentative sale of the land it stands on, the owner of the site says.
The property at Bathurst and Bloor streets is being sold to Vancouver-based developer Westbank Properties in a deal that is expected to close later this year, but in an interview with CP24 Monday afternoon current owner David Mirvish promised that the beloved department store won’t close its doors anytime soon.
“We have rented the store back and Honest Ed’s will be continuing for perhaps four more Christmas’s and at least three,” Mirvish said. “We will continue our traditions with the turkeys and the fruit cakes and I hope people pick up their Tootsie Rolls to handout for Halloween.”
The store—known for its flashy lighting and bargain-basement discounts – was founded by Mirvish’s father, Ed, more than 60 years ago.
Speaking with CP24 Monday, David Mirvish said he has “mixed emotions” regarding the sale of the property but is confident that the buyer will pursue a project that fits the community.
Westbank Properties is the luxury residential developer behind the Shangri-La Hotels in Toronto and Vancouver.
“I have no idea what they will do but from what we know from the Shangri-La is that they build quality and so I think they will do whatever they see as appropriate to the neighbourhood,” he said.
Mirvish has not released financial terms of the deal, telling CP24 that he will follow the advice of his father, who always told him that it was “crass” to discuss money publicly.
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