Roughly four months after being put on the market, the iconic Honest Ed's property at the corner of Bathurst and Bloor streets has been sold. While the deal isn't expected to close for a few months, current owner David Mirvish did reveal the identity of the buyer to The Globe and Mail. Vancouver-based Westbank Corp., will assume ownership of the lucrative property — which also includes a number of historic houses on Markham Street — later this year. While no plans have been revealed for the site, the sale almost certainly promises the redevelopment of the property in the coming years.

Along with various projects in British Columbia, Westbank is responsible for the Shangri-La Hotel in Toronto, which perhaps serves as indicator of the company's touted commitment to design, something Mirvish claims was key in his decision to sell the property to them. Other noteworthy Westbank projects include the Fairmount Pacific Rim, the mixed-use Woodward's development and the in-progress Telus Garden.

As Honest Ed's is not on the city's inventory of heritage properties, one suspects that it's a long shot that the current structure will be repurposed as part of future plans. This is a sprawling site in a densely populated area with significant history; one can only hope that the new owner has a vision that lives up to the opportunity. What do you think? Will this ultimately prove a boon to the neighbourhood?

Photo by Zoe & Daniel in the blogTO Flickr pool