Nearly a decade after the demolition of Honest Ed’s to pave the way for a new mixed-use community, the Mirvish Village project is on the verge of completion. Peterson, the Vancouver-based developer, has indicated that they are currently in the final stages of construction and anticipate wrapping up the project by this autumn.
While the timeline for filling the approximately 106 commercial units in the development remains uncertain, Luke Moran, the senior vice president of leasing and property management at Peterson, mentioned that 48 out of the 106 commercial units have already been leased. Brian Burchell, chair of the Mirvish Village BIA, expressed optimism about filling the remaining vacancies with diverse and creative establishments.
Originally scheduled for completion in 2022, the project faced delays due to the pandemic and a restructuring that involved the departure of construction company EllisDon and the acquisition of its co-developer, Westbank Corp, by Peterson. Notable businesses that have already opened in the area include a Bank of Montreal branch, Pet Planet, Book Bar, and Pizzeria Badiali.
Among the leased commercial units set to open soon are an LCBO outlet, the Toronto School of Management, Blackbird Baking Co., Cremma Gelato, and others. Peterson has confirmed that several new tenants have signed agreements, with a grocery store expected to be among the upcoming announcements, possibly filling the spot initially intended for Bestco Fresh Foods.
Peterson emphasized their commitment to curating the right mix of commercial partners for the development. Urban planning expert Luisa Sotomayor highlighted the challenges of filling large retail spaces in new buildings due to high lease costs, urging policy considerations to address the issue.
In response to the retail space challenges, city council incorporated guidelines in 2020 to allow for the conversion of larger retail spaces into smaller ones in the future. The Mirvish Village project reflects this approach, offering smaller commercial options in heritage buildings and ‘micro retail units’ in Honest Ed’s Alley.
Anticipating an influx of commercial tenants as the residential population grows, Nemoy Lewis, an assistant professor in urban planning, emphasized the interdependence between residential and commercial development. Peterson’s leasing data indicates a growing population with only around 100 units left to rent out and another 320 units awaiting occupancy permits in the coming months.