Mirvish Village retail spaces remain half-empty as Peterson seeks larger tenants
Only 48 of 106 commercial units are leased at the newly opened Annex development. Peterson Companies halted Honest Ed's Alley plans after a grocer's lease termination.
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Mirvish Village in the Annex is now home to hundreds of residents, but less than half of its ground-floor retail units have tenants secured, slowing the development's full activation.
Vancouver-based developer Peterson Companies said that 48 of 106 commercial spaces are currently leased. The shortfall has delayed the debut of Honest Ed's Alley, an open-air market modelled after Tokyo's mini shops that was central to Peterson's vision for the site.
Asian grocer Bestco Fresh Foods was slated to move in but its lease was recently terminated after the company allegedly missed rental payments. Peterson said another grocery store will be announced soon to take its place. The delay reflects Peterson's shift in strategy toward securing larger commercial tenants with the capital to support long-term leases.
Already occupying Mirvish Village are Book Bar, Pizzeria Badiali, Pet Planet, an LCBO location, and a Bank of Montreal branch. Blackbird Baking Co. and Cremma Gelato are coming soon. The residential side has performed better, with the majority of units rented out — a development Peterson hopes will drive renewed retailer interest.
As HighOnCity reported in June, Book Bar opened at the site ahead of schedule. Peterson expects full construction to wrap this fall, but the retail picture remains incomplete.
