Okay, so the internet exploded this morning with news of Honest Ed’s going up for sale. But, we are hesitant to get too excited about the potential of the site because: 1) We don’t know if it really is up for sale, and 2) Developers may see it as a difficult site to build up.

Honest Ed’s in the news

New stories about Honest Ed’s property status are popping up by the minute. It looks like The National Post was the one to break the news, causing this flurry of hysteria. An unknown source told The National Post that a number of real estate companies have been invited to make an offer on the site. The price of $100 million is floating about.

According to The National Post article, David Mirvish, who they spoke to on Monday July 15, wouldn’t comment about the Honest Ed’s site being up for sale. What he would discuss was the planning of the store’s 65th anniversary, which is quickly approaching.

Global News posted an article around 10:00 am this morning, stating that Russell Lazar, General Manager of Honest Ed’s, has confirmed that the famous site is for sale.

An article on thestar.com, which was posted around the same time as the Global News one, states that Lazar has known about the site being for sale for weeks.

Assuming Lazar’s confirmation is reliable, you probably shouldn’t hold your breath. Like The National Post said, a few real estate companies have been invited to make an offer. The site isn’t even publicly for sale, so it could take months or even years for a transaction to take place.

Why developers may be hesitant to purchase the Honest Ed’s site

To many Torontonians, Honest Ed’s occupies a site that is just waiting for a new multi-tower condo development. But, to many other Torontonians (probably outnumbering the previously mentioned city residents), Honest Ed’s is a part of the city, and they will fight to see it maintained.

Of course, the Mirvish family can do whatever they please with the site. Locals can’t force them to continue running the store, but what they can do is protest whatever development gets proposed for the site.

We assume that if a developer did purchase the site, they would propose a residential/office project with retail along the ground floor. That’s just the way these large sites are getting developed in Toronto. A development like that could receive some serious pushback from locals, locking the developers in a cycle of community meetings that could last for years.

But who knows! Perhaps a developer will come in, purchase the site, and design a boutique condo or office building that maintains elements of the historic storefront. Who would want to live in a condo that looks like Honest Ed’s is a different story.

What do you think? Would you like to see Honest Ed’s continue to operate, or are you ready for a change?

Feature image from Google Maps