Nearly a decade after Honest Ed’s was demolished to pave the way for a new mixed-use community, the Mirvish Village project is close to being finished. The Vancouver-based developer, Peterson, has revealed that they are in the final stages of construction and anticipate completion by this autumn. However, the timeline for filling the development’s roughly 106 commercial units remains uncertain.
Luke Moran, Peterson’s senior vice president of leasing and property management, disclosed that 48 of the 106 commercial units have already been leased. Brian Burchell, the chair of the Mirvish Village BIA, expressed optimism about filling the remaining vacancies with diverse and creative businesses.
Originally scheduled for completion in 2022, the project faced delays due to the pandemic and changes in the development team, which led to Peterson acquiring Westbank Corp. Businesses like the Bank of Montreal, LCBO, Pet Planet, Book Bar, and Pizzeria Badiali are already operational in the area.
Peterson has hinted at several new tenants signing agreements soon, including a grocery store to replace Bestco Fresh Foods, whose lease was terminated for undisclosed reasons. Peterson emphasized the importance of securing the right mix of commercial partners for the project’s success.
Urban planning expert Luisa Sotomayor highlighted the challenge of filling large retail spaces in new buildings due to high leasing costs. City council discussions have focused on adapting planning guidelines to allow for the conversion of larger retail spaces into smaller units if needed.
Mirvish Village’s development includes ‘micro’ retail options, with small businesses like cookie shops, jewelry stores, and smoothie bars already committed to the space. The area is expected to attract more commercial tenants as the residential population grows.
Peterson’s leasing data indicates strong demand, with only around 100 units still available for rent out of the total 550 units. An additional 320 units are awaiting occupancy permits and will be released to the rental market within the next three months.
