A defunct airport in Toronto is set to be transformed as a sprawling urban community as part of a $22 billion makeover.
In May this year, Toronto’s city council unanimously approved a community plan to transform the city’s now-defunct Downsview Airport into a 370-acre mixed-use community in what is being billed as North America’s largest urban redevelopment project.
Bombardier’s recent relocation from the site has paved the way for clearing the runway and help commence the construction of 15 new neighborhoods that will include the former runway repurposed for walking, biking, schools, libraries, community centers, and other amenities.
Downsview Airport previously served as a testing facility for Bombardier Aerospace from 1994. The airport was developed in 1939 as an airfield next to an aircraft manufacturing plant operated by de Havilland Canada. In 1947, the Canadian Defence Department purchased property surrounding the airfield, expanded it, and turned it into an air base for Royal Canadian Air Force units.
Northcrest, a leading real estate firm backed by a Canadian pension fund PSP Investments, will execute the project in seven phases and is expected to take 30 years to complete.
PSP Investments purchased the 370-acre Downsview Airport Lands from Bombardier in 2018 for $816 million.
Northcrest has forged multiple partnerships for the project. Renowned architectural design firm Henning Larsen, landscape architects SLA, design firm KPMB, consulting form Urban Strategies Inc., and Hines, a leading real estate development will partner with Northcrest in the project.
As part of the redevelopment plan, more than 28 million square feet of residential space, 7 million square feet of commercial property, and 74 acres of parks and open spaces will be created.
Under the first phase of the project, the Hangar District will be developed. The first phase envisions nearly 3,000 new homes, including rental apartments and affordable options; more than 7,000 new jobs located in retrofitted hangar buildings and in new commercial and office spaces; and amenities including shops, parks, daycares, and vibrant public spaces.
The Hangar District will be based on site’s aviation and manufacturing history through a unique mix of ‘old and new’ by repurposing the existing hangar buildings with innovative greenscaping that will preserve natural resources and provide direct access to existing transit stations.
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Publish date : 2024-08-17 23:41:00
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