{"id":589141,"date":"2026-04-08T00:38:13","date_gmt":"2026-04-08T00:38:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/589141\/"},"modified":"2026-04-08T00:38:13","modified_gmt":"2026-04-08T00:38:13","slug":"peterson-buys-out-westbank-from-mirvish-village-in-toronto","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/589141\/","title":{"rendered":"Peterson Buys Out Westbank From Mirvish Village In Toronto"},"content":{"rendered":"

\"A<\/a>A rendering of the Mirvish Village project at Bloor and Bathurst Streets in Toronto. (Peterson, Henriquez Partners Architects)<\/p>\n

[Editor\u2019s Note: This article was updated shortly after publication to note that the lawsuit filed by Ian Duke has been settled and dismissed.]<\/p>\n

Peterson<\/a> has completed a buyout of partner Westbank<\/a> and acquired full ownership of the Mirvish Village project in Toronto, The Realist has learned, as the sprawling project gets closer and closer to the finish line. <\/p>\n

The project is located on a 3.5-acre site at the southwest corner of Bloor Street West and Bathurst Street, near Bathurst Station, in The Annex neighbourhood of Toronto. The site was the long-time home of discount store Honest Ed\u2019s, which was founded by Ed Mirvish in 1948. The exterior of the landmark store was covered with eye-catching red and yellow signs lit up like a theatre marquee.<\/p>\n

The property was put on the market in 2013<\/a> and sold to Westbank and Peterson \u2014 through 500 Bloor Street Property Inc.<\/a> \u2014 later that year for $69,250,000. The purchase was financed using a credit facility provided by HSBC Canada<\/a>, which was absorbed by RBC in 2024.<\/p>\n

At full completion, Mirvish Village will be home to 890 rental units \u2014 including a significant amount of affordable units \u2014 across seven buildings between eight and 27 storeys, plus 200,000 sq. ft of commercial space anchored by a Bestco grocery store, Liquor Control Board of Ontario store, and a dozen or so restaurants. The project also includes the conservation of 24 heritage buildings, re-landscaping of Markham Street, and the addition of a new public park.<\/p>\n

Demolition commenced in 2017, CMHC announced $200 million in construction financing in 2020<\/a>, and construction commenced thereafter. In 2023, however, Mirvish Village and several other Westbank projects became subject to lien claims<\/a> by contractors. CBC then reported in 2024 that the developers had parted ways with general contractor EllisDon<\/a> and that the project was 12 months behind schedule. <\/p>\n

\"\"<\/a>An overview of the Honest Ed\u2019s redevelopment \/ Mirvish Village. (Peterson, Henriquez Partners Architects)<\/p>\n

Peterson and Westbank confirmed the buyout in a joint statement provided to The Realist calling Mirvish Village \u201cone of the most important city-building initiatives in Toronto\u2019s history.\u201d<\/p>\n

\u201cDeveloped by Westbank in partnership with Peterson, Peterson has now acquired ownership of the project under a pre-existing purchase arrangement and Westbank has transitioned into the property manager for Mirvish Village,\u201d the companies said. \u201cWith substantial completion anticipated during the early summer of 2026, we look forward to welcoming new residents and businesses to Mirvish Village.\u201d<\/p>\n

Exact financial details are unknown, but Colliers\u2019 latest GTA multi-family report had the average price per unit in 2025 at $292,901<\/a>. However, that number is skewed towards older units and \u201cNewly constructed properties continued to command premiums,\u201d Colliers noted. One of the newer builds that transacted was the 210-unit Litho, completed in 2021, at 740 Dupont Street in Toronto, which RioCan sold to LaSalle Investment Management for $152.4 million \u2014 over $725,000 per unit.<\/p>\n

For Mirvish Village, an estimate of $400,000 per unit on 890 units would value the entire residential component at $356 million. At $500,000 per unit, it would be $445 million. At $600,000 per unit, it would be $534 million. Assuming a 50\/50 joint venture and $500,000 per unit, the buyout would be $222.5 million before including the 200,000 sq. ft commercial component.<\/p>\n

Last week, the project website for Mirvish Village<\/a> was revamped and now no longer features Westbank. Peterson shared the new website on its social media channels and alluded to \u201cA new chapter.<\/a>\u201d <\/p>\n

According to the project website, the 14-storey Building 4 at 748 Bathurst Street plus the 26-storey Building 3A, 27-storey Building 3B, and 27-storey Building 3C at 571 Bloor Street West are all \u201cnow renting,\u201d making up the entire eastern half of the site. Units are available starting at $1,940 for studio units, $2,325 for one-bedroom units, $2,995 for two-bedroom units, and $3,895 for three-bedroom units.<\/p>\n

\"\"<\/a>Renderings of Mirvish Village. (Peterson, Henriquez Partners Architects)<\/p>\n

The two Vancouver-based companies have been long-time partners, including on the Shangri-La Toronto and Shangri-La Vancouver, the latter of which was sold to Brookfield last summer<\/a> for $160 million. (Brookfield flipped the retail component<\/a> last month to Aquilini Group for $55 million, as first reported by The Realist.) <\/p>\n

For Westbank, this is the latest in an extensive string of sales. Beginning in 2024, Westbank has sold its stakes in Deloitte Summit<\/a>, Toronto House<\/a>, The Lauren<\/a>, The Pendrell<\/a>, M2<\/a>, The Zephyr<\/a>, Shangri-La Vancouver<\/a>, M4<\/a>, and Sen\u0313\u00e1\u1e35w<\/a>, as I\u2019ve reported. Many of those instances saw a partner buy out Westbank and the aggregate total of those sales exceeds $1.4 billion without including Sen\u0313\u00e1\u1e35w and Mirvish Village, the prices for which are unconfirmed. <\/p>\n

Westbank\u2019s other big project in Toronto is the KING Toronto condo project at 489-539 King Street West, but their partner on the project, Allied Properties REIT (TSX: AP.UN), took over full operational control<\/a> of the project earlier this year, as first reported by The Realist. Westbank has also recently completed The Raven and Joyce II, two rental buildings in Vancouver.<\/p>\n

Westbank has also been in the news in recent months because of internal matters. <\/p>\n

In September, Darren Tangen<\/a> was named President, as I first reported for Storeys. In November, Bloomberg reported that Westbank had been sued by former Head of Partnerships, Acquisitions, and Development Ian Duke<\/a>, who claims he was promised bonuses and a promotion to CEO, but Westbank says the suit has since been settled and dismissed. In December, Business In Vancouver then reported that VP of Development Rhiannon Mabberley<\/a> had also filed suit over unpaid bonuses, but the claims have not been proven in court. <\/p>\n","protected":false},"excerpt":{"rendered":"A rendering of the Mirvish Village project at Bloor and Bathurst Streets in Toronto. (Peterson, Henriquez Partners Architects)…\n","protected":false},"author":2,"featured_media":589142,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194291],"tags":[49,48,3302],"class_list":["post-589141","post","type-post","status-publish","format-standard","has-post-thumbnail","category-toronto","tag-ca","tag-canada","tag-toronto"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/589141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=589141"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/589141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/589142"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=589141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=589141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=589141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}