Honest Ed’s is not the only beloved store on the chopping block in Mirvish Village.

More than a dozen small businesses will probably be forced to move or close, as developer David Mirvish plans to sell the entire 1.8-hectare parcel of land he owns in the area.

“This is unfortunate news, but not altogether surprising to me,” said Peter Birkemoe, owner of The Beguiling, a decades-old haven for comic book fans on Markham St.

“I always felt that development of this area was inevitable, but I held out hope that it would be the Mirvishes undertaking it.”

Mirvish said Wednesday that there will be a three-year transition period for the sale, allowing business owners time to find new properties.

“This isn’t something that we’re doing tomorrow. This will take three years, and I’m hopeful that they’ll take advantage of that,” he said.

The Mirvish family owns nearly the entire block where Honest Ed’s sits, near Bloor St. W. and Bathurst St., as well as about half of the block directly west of Markham St.

“Honest” Ed Mirvish began buying houses on Markham St. in the late 1950s, planning to raze them and build a parking lot. But city officials pushed back, allowing the lot only if he preserved the homes.

So in the early 1960s, he began renting the Victorian structures to local artists, transforming the area into what is now Mirvish Village, made up of art galleries, boutiques, bookstores and restaurants.

David Mirvish quietly began looking for a buyer several months ago, but discussions about selling the land have been underway for years, he said. He declined to confirm a reported $100 million asking price.

The developer and theatre lover said it is time to focus on his King St. W. properties. He hopes to see a development mixing retail and residential units in Mirvish Village, with input from the community.

“This is an opportunity for someone to re-imagine what this corner can mean. You don’t find this much land in the centre of the city, anywhere,” he said.

Business owners in the area had a range of reactions Wednesday. Kidstuff Toy Store owner Nancy Lee was shocked and called on Mirvish to compensate the retailers he is displacing.

“I’ve been here for a long, long time, since 1990. I’d have to find a new spot, and without any compensation I won’t be able to do so,” she said.

Luis Ceriz, who opened Suspect Video on Markham St. 23 years ago, said the Mirvish family had always rented at reasonable rates, and a similar deal may be hard to find.

Some business owners have talked about moving together to another district, to create a “mini-Mirvish Village,” he said.

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“I really love Mirvish Village. I felt it to be a really unique little oasis in the city, which was much closer in feel and tone to Montreal or New York City,” he said.

“It’s idiosyncracies like Honest Ed’s that make a city individual. If every city was just big-box stores, why bother visiting?”