Nearly a decade following the demolition of Honest Ed’s to make room for a new mixed-use community, progress is being made on the Mirvish Village development. Vancouver’s Peterson, the developer, is currently in the final stages of construction, aiming to complete the project by this autumn. 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, disclosed that 48 out of the total 106 commercial units have been leased so far. Brian Burchell, chair of the Mirvish Village BIA, expressed hope for the remaining vacancies to be occupied by diverse and innovative businesses.
Originally projected for completion in 2022, the project faced delays due to the pandemic and a corporate restructuring that led to Peterson acquiring its co-developer, Westbank Corp, after construction company EllisDon exited. Notable businesses already operating in the development include a Bank of Montreal branch, an LCBO, Pet Planet, Book Bar, and Pizzeria Badiali.
Several food establishments, such as Blackbird Baking Co. and Cremma Gelato, are among the leased commercial units awaiting their grand openings. Peterson has confirmed that more tenants, including a grocery store, will be announced soon. This grocery store may replace Bestco Fresh Foods, which had its lease terminated under unclear circumstances.
Peterson emphasized its commitment to securing the right mix of commercial partners for the development. Urban planning expert Luisa Sotomayor highlighted the challenge of filling large retail spaces in new buildings due to high leasing costs, calling for policy interventions to address the issue.
City council discussions have centered on strategies for filling retail spaces in mid- and high-rise towers, including provisions to convert larger spaces into smaller units if needed. The Mirvish Village project integrates smaller commercial options in heritage homes and ‘micro’ retail units in Honest Ed’s Alley, designed to cater to a range of businesses.
With a growing residential population in the area, it is anticipated that more commercial tenants will be attracted to the Mirvish Village development. Peterson’s leasing statistics indicate a strong demand, with only around 100 units remaining available for rent out of a total of 550 units. Additional units are expected to be released for rent in the coming months.
