Winforms Designer custom property does not keep its value when I build

Question

I have a control that I subclass from Label (as an example) and add a custom property to it. I have a custom editor that allows me to pick an object of a custom type. The custom type is attributed with the converter and and editor. Editing works fine - I click in my property cell in the VS designer property grid and the ellipsis displays. I click that and I get my custom form displaying my list to choose from. I make a selection and that selection shows up in my property grid. All good. However, I can not seem to clear that value by backspacing over it like I can with most properties. And more importantly, as soon as I build the project the property value disappears. Before I build, I can go from control to control and the value is set properly, but as soon as I build (or save and close the form) the property loses its value. My custom control looks like this:

public class MyLabel : Label
{
    private MyAlias _alias;

    public MyAlias Alias
    {
        get
        {
            return _alias;
        }
        set
        {
            if (_alias != value)
            {
                _alias = value;
            }
        }
    }
}

The custom type:

[System.ComponentModel.TypeConverter(typeof(MyConverter))]
[System.ComponentModel.Editor(MyTypeEditor, System.Drawing.Design.UITypeEditor)]
public class MyAlias
{
    private string _aliasName;

    public string AliasName
    {
        get
        {
            return _aliasName;
        }
        set
        {
            if (_aliasName != value)
            {
                _aliasName = value;
            }
        }
    }

    public MyAlias(string aliasName)
    {
        if (aliasName == null)
        {
            return;
        }

        _aliasName = aliasName;
    }

    public override string ToString()
    {
        return _aliasName;
    }
}

Custom converter:

public class MyConverter : TypeConverter
{
    public override bool CanConvertFrom(ITypeDescriptorContext context, Type sourceType)
    {
        if (sourceType == typeof(string))
        {
            return true;
        }

        return base.CanConvertFrom(context, sourceType);
    }

    public override object ConvertFrom(ITypeDescriptorContext context, System.Globalization.CultureInfo culture, object value)
    {
        if (!(value is string))
        {
            return base.ConvertFrom(context, culture, value);
        }

        return new MyAlias((string)value);
    }

    public override object ConvertTo(ITypeDescriptorContext context, System.Globalization.CultureInfo culture, object value, Type destinationType)
    {
        if (destinationType == null)
        {
            throw new ArgumentNullException("destinationType");
        }

        MyAlias alias = (MyAlias)value;
        return alias.ToString();
    }
}

Custom Editor:

public partial class AliasEditorForm : Form
{
    private object _value;

    public object Value
    {
        get
        {
            return _value;
        }
        set
        {
            if (_value != value)
            {
                _value = value;
            }
        }
    }

    public AliasEditorForm()
    {
        InitializeComponent();
    }

    private void button1_Click(object sender, EventArgs e)
    {
        // Button does have DialogResult property set to OK
        _value = new MyAlias(...text string from form controls here...);
        this.Close();
    }
}

public class MyTypeEditor : UITypeEditor
{
    protected IWindowsFormsEditorService edSvc = null;

    public override UITypeEditorEditStyle GetEditStyle(ITypeDescriptorContext context)
    {
        return UITypeEditorEditStyle.Modal;
    }

    public override object EditValue(System.ComponentModel.ITypeDescriptorContext context, IServiceProvider provider, object value)
    {
        if (null != context && null != context.Instance && null != provider)
        {
            edSvc = (IWindowsFormsEditorService)provider.GetService(typeof(IWindowsFormsEditorService));
            if (null != edSvc)
            {
                AliasEditorForm form = new AliasEditorForm();
                form.Value = value;
                DialogResult r = edSvc.ShowDialog(form);
                return (DialogResult.OK == r) ? form.Value : value;
            }
        }
        return value;
    }
}

It's been a long time since I've worked in WinForms and I never really did much dabbling with design-time stuff so forgive me if I've done something terribly stupid. If I didn't provide enough info, let me know. Thanks in advance!

EDIT: I notice it is not generating the code for the property in the form.Designer.cs file. Still not sure why...

EDIT: Changed the code for the type converter. I can now clear the property by backspacing. I still can't get the designer to generate the code to preserve the property value.

Dennis