It’s definitely luxury condos (and possibly a Bloomingdale’s) for the Stollerys building at One Bloor

Earlier this week, longstanding Toronto menswear boutique Stollerys—supplier of seersucker suits and Barbour jackets—dropped the news that it’ll be closing its doors in January 2015, after 114 years on the corner of Yonge and Bloor. According to co-owner Edwin Whaley, who spoke to the Globe, the market was just too saturated, making it difficult for retailers like Stollerys to turn a profit. “We’ve got too much retail supply in the city,” he said. (The store made its announcement right after Holt Renfrew opened a flashy new men’s boutique just down the street.)

As for the future of the sought-after space, Sam Mizrahi has confirmed that his company, Mizrahi Developments, purchased the property—along with a few others in the area—for an estimated total of $300 million. According to the Globe, his plans for the plot include the construction of a luxury high-rise condominium. (Mizrahi is known for its posh residential developments, like penthouses on Davenport and pricey town homes in Lytton Park.) But there’s still some good news for Bloor Street shoppers: Mizrahi also wants to lease out the first few floors of the development to a prominent international retailer or high-end restaurant chain. Apparently, he’s interested in the department store Bloomingdale’s or the Italian supermarket emporium Eataly, both of which would certainly be a big deal for the neighbourhood. We’re not getting our hopes up just yet though—we’re still recovering from the two-and-a-half-year-old rumour about an Apple flagship moving into the space.