Nearly a decade after the demolition of Honest Ed’s to make room for a new mixed-use district, the Mirvish Village project is close to completion. Peterson, a Vancouver-based developer, reports to CBC that they are in the final stages of construction, aiming to finish the project by this autumn. While progress on the development’s approximately 106 commercial spaces is ongoing, there is still uncertainty regarding the timeline for full occupancy.
Luke Moran, the Senior Vice President of Leasing and Property Management at Peterson, mentioned that out of the total 106 commercial units, 48 have already been leased. Brian Burchell, Chair of the Mirvish Village BIA, expressed optimism about filling the remaining vacancies with unique and creative establishments during an interview in July.
Initially slated for completion in 2022, the neighborhood’s construction was delayed due to the pandemic and a corporate restructuring that involved Peterson acquiring Westbank Corp after EllisDon exited the project. Several businesses have already launched within the development, such as a Bank of Montreal branch, Pet Planet, Book Bar, and Pizzeria Badiali.
Among the leased but not yet operational units are an LCBO, a branch of the Toronto School of Management, and various food establishments like Blackbird Baking Co. and Cremma Gelato. Moran revealed to CBC Toronto that new tenants, including a grocery store, will be announced soon, potentially replacing Bestco Fresh Foods, which had its lease terminated for unknown reasons, possibly linked to missed rental payments.
Peterson emphasized its commitment to curating the right mix of commercial partners for the development. According to Luisa Sotomayor, an urban planning professor at the University of Toronto, filling large retail spaces in new buildings is challenging due to high leasing costs, necessitating policy adjustments.
City council discussions have focused on strategies to fill retail spaces in high-rise towers efficiently. The Mirvish Village project incorporates smaller retail options in heritage homes on Markham Street and ‘micro’ retail units in Honest Ed’s Alley, catering to diverse businesses like cookie shops, jewelry stores, smoothie bars, and gift shops.
Nemoy Lewis, an assistant professor at Toronto Metropolitan University, anticipates increased commercial interest as the residential population in the area grows. Peterson’s leasing data indicates a rapid increase in occupied units, with only around 100 units remaining available for rent out of the total 450 leased. An additional 320 units are awaiting occupancy permits and will enter the rental market within the next three months.