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Has Honest Ed's Been Sold to a Vancouver Developer?

According to unconfirmed reports, Honest Ed's has been sold to a Vancouver developer, rumoured to be Westbank Corporation. According to sources, the developer recently purchased the Mirvish Block, at Bathurst and Bloor Street that includes Honest Ed's, and plans to develop the site in a few years. Honest Ed's recently went up for sale for approx. $100 million. Honest Ed's general manager, Russell Lazar, would not comment on the rumoured sale and said he "had never heard of the Vancouver developer."

First opened in 1948 by Ed Mirvish, Honest Ed's prominent flashing sign has illuminated the corner of Bathurst and Bloor Street for the last 65 years. Known as the world's first bargain store, customers continue to flock to the famous landmark, and Torontonians are still invited to "come in and get lost." Get lost is right. The store is 160,000 square feet and sells every known bargain from 10 cent toothpaste to 99 cent pyjamas.

Mirvish, who died in 2007, was also known for revitalizing Toronto's theatre and entertainment scene. Along with wife Anne and son David, the family operated Mirvish Productions, the Canadian production company that staged and owned many historic theatres. Last year, David Mirvish announced his new project to demolish the Princess of Wales Theatre to build three condo buildings each with 80-storeys. The condo will be designed by architect Frank Gehry in the heart of the entertainment district. Below, a newsletter from the Harbord Village Residents' Association about the sale of Honest Ed's. What will happen to the corner of Bathurst and Bloor Street? We'll keep you posted.

· Mirvish Gung-Ho On Demo To Build Gehry Condos [Curbed Toronto]
· Honest Ed For Sale [The Star]