Nearly a decade after the demolition of Honest Ed’s to make room for a new mixed-use neighborhood, the Mirvish Village development is close to completion. The Vancouver-based developer Peterson has reported to CBC that they are in the final stages of construction and aim to finish by fall. However, the timeline for filling the approximately 106 commercial units in the development remains uncertain.
Luke Moran, Peterson’s senior vice president of leasing and property management, mentioned that currently, 48 out of the total 106 commercial units are leased. Brian Burchell, chair of the Mirvish Village BIA, expressed optimism about filling the remaining vacancies with unique and creative businesses.
The completion of the neighborhood faced delays due to the pandemic and changes in the development team, where Peterson took over from Westbank Corp. Among the businesses already operational in Mirvish Village are a Bank of Montreal branch, LCBO, Pet Planet, Book Bar, and Pizzeria Badiali.
Several food businesses, including Blackbird Baking Co. and Cremma Gelato, have already secured leases but are yet to open. Peterson has hinted at new tenants signing up soon, including a grocery store, possibly replacing the original plan for Bestco Fresh Foods.
Peterson emphasized the importance of curating the right mix of commercial partners, as noted by urban planning professor Luisa Sotomayor from the University of Toronto. Retail spaces in new buildings, especially larger ones, pose challenges due to high lease costs. City council discussions have focused on converting larger retail spaces into smaller ones to adapt to market demands.
Mirvish Village includes ‘micro’ retail spaces in addition to larger units, catering to various businesses like cookie shops, jewelry stores, and gift shops. Assistant professor Nemoy Lewis predicts that commercial activity will increase as the residential population grows in the rental towers. Peterson’s leasing figures indicate a growing population, with most units already leased and the remaining set to be available within the next three months.