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“He opened his store on a Saturday, and watched a torrent of customers pour in — the store was mobbed. It was the opening day of Honest Ed’s,” notes the retailer’s website.

From the store, the Mirvishes expanded and diversified their empire and today operate the most prominent company in the Canadian live-theatre business, Mirvish Productions.

The Honest Ed’s store has 160,000 square feet, but the total development being sold is said to encompass about 350,000 square feet, according to sources. The area around the store is known as Mirvish Village and features more upscale boutiques, book stores, art galleries and restaurants that are more in tune with the surrounding upscale Annex neighbourhood.

Mr. Mirvish’s son David, who now owns the properties, told the National Post on Monday that nothing has been sold. He would not comment about his holdings in the area or how the various properties have been assembled.

“We are about to celebrate our 65th anniversary and I’ll talk about that,” said Mr. Mirvish, who worked alongside his father running the family business, until Ed Mirvish died in 2007.

“I’m planning it for 2014 and for 2015, if you would like to talk about that.”

Mr. Mirvish said there have always been rumours about the property and the land — a prime location on the subway line — being for sale.

“Everything is on the market with me … you never know what will happen in the future,” said Mr. Mirvish. “For the moment, we are planning our anniversary.”