1. Home
  2. Infrastructure Transport
  3. AVIATION & AIRPORTS
  4. Toronto's Downsview Airport to become $22 bn urban community overhaul
Toronto's Downsview Airport to become $22 bn urban community overhaul
AVIATION & AIRPORTS

Toronto's Downsview Airport to become $22 bn urban community overhaul

20 Aug 2024 2 Min Read CW Team
Toronto's former Downsview Airport is set to undergo a $22 billion transformation into a vast urban community. In May, the city council approved a plan to convert the 370-acre site into North America's largest urban redevelopment project.

With Bombardier's recent relocation from the site, preparations are underway to clear the runway and start building 15 new neighborhoods. The former runway will be repurposed for walking, biking, schools, libraries, community centers, and other amenities.

Downsview Airport, which was used by Bombardier Aerospace for testing since 1994, was originally established in 1939 by de Havilland Canada. In 1947, it was expanded by the Canadian Defence Department into an air base for the Royal Canadian Air Force.

The redevelopment, led by Northcrest and backed by Canadian pension fund PSP Investments, will proceed in seven phases over 30 years. PSP Investments acquired the land in 2018 for $816 million.

Northcrest has partnered with top firms, including Henning Larsen for architecture, SLA for landscaping, KPMB for design, Urban Strategies Inc. for consulting, and Hines for real estate development.

The project will feature over 28 million square feet of residential space, 7 million square feet of commercial property, and 74 acres of parks and open spaces. The first phase, known as the Hangar District, will introduce nearly 3,000 new homes, including rental and affordable units, and create more than 7,000 jobs in renovated hangar buildings and new commercial spaces. Amenities will include shops, parks, daycares, and vibrant public spaces, preserving the site’s aviation history through a blend of old and new elements.

Toronto's former Downsview Airport is set to undergo a $22 billion transformation into a vast urban community. In May, the city council approved a plan to convert the 370-acre site into North America's largest urban redevelopment project.With Bombardier's recent relocation from the site, preparations are underway to clear the runway and start building 15 new neighborhoods. The former runway will be repurposed for walking, biking, schools, libraries, community centers, and other amenities.Downsview Airport, which was used by Bombardier Aerospace for testing since 1994, was originally established in 1939 by de Havilland Canada. In 1947, it was expanded by the Canadian Defence Department into an air base for the Royal Canadian Air Force.The redevelopment, led by Northcrest and backed by Canadian pension fund PSP Investments, will proceed in seven phases over 30 years. PSP Investments acquired the land in 2018 for $816 million.Northcrest has partnered with top firms, including Henning Larsen for architecture, SLA for landscaping, KPMB for design, Urban Strategies Inc. for consulting, and Hines for real estate development.The project will feature over 28 million square feet of residential space, 7 million square feet of commercial property, and 74 acres of parks and open spaces. The first phase, known as the Hangar District, will introduce nearly 3,000 new homes, including rental and affordable units, and create more than 7,000 jobs in renovated hangar buildings and new commercial spaces. Amenities will include shops, parks, daycares, and vibrant public spaces, preserving the site’s aviation history through a blend of old and new elements.

Next Story
Resources
23 Jan 2025

Master Builders Solutions Forges Path into India Market with MBT-Construction Chemicals

Master Builders Solutions, a global leader in innovative concrete admixtures and solutions for the construction industry, announces its strategic expansion into the dynamic Indian market. Leveraging its expertise and advanced solutions, Master Builders Solutions aims to address the growing demand for sustainable, high-performance construction materials across various sectors in India. The move into India represents a significant milestone for Master Builders Solutions, aligning with its commitment to delivering cutting-edge solutions worldwide. With a rapidly evolving construction landscape in..

Read More
Next Story
Resources
23 Jan 2025

TrucksUp collaborates with AU Small Finance Bank to empower aspiring buyers and small fleet owners

TrucksUp has announced a strategic partnership with AU Small Finance Bank Ltd to offer economic, easy and hassle-free financing solutions for used trucks focusing on driver and transport business community. This partnership tactically aims to support small fleet owners in India by providing low EMI loans at competitive interest rates. Their target audience can also benefit from refinancing options on existing trucks and avail of top-up loans to meet their financial needs. This is making the access to capital needs for truck drivers’ community easy to grow and scale their business. This colla..

Read More
Next Story
Resources
23 Jan 2025

Build Capital to Invest Rs 1.5 billion in Navi Mumbai’s RE Market in 2025

Build Capital, an innovative early-stage real estate fund, has completed its maiden investment in the Navi Mumbai market. This investment in Satyam Group’s project is part of Build’s strategy to become a preferred partner in early – stage real estate financing in Mumbai Metropolitan Region (MMR).Build Capital has further announced that it plans to invest close to Rs 1.5 billion (bn) in the Navi Mumbai market out of its total target investments of Rs. 4 bn for the year 2025. Kuldeep Jain, CEO and Co-Founder, Build Capital said, “We are plugging the existing gaps of early-stage financing..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Tata Projects Sees Order Intake Doubling To Over Rs 200 Bn In FY25
ECONOMY & POLICY
23 Jan 2025

Tata Projects Sees Order Intake Doubling To Over Rs 200 Bn In FY25

Blue Energy Motors Signs Rs 35 Bn Mou with Maharashtra
POWER & RENEWABLE ENERGY
23 Jan 2025

Blue Energy Motors Signs Rs 35 Bn Mou with Maharashtra

Global Solar Sector Funding Falls 24% to $26.3 Billion: Report
POWER & RENEWABLE ENERGY
23 Jan 2025

Global Solar Sector Funding Falls 24% to $26.3 Billion: Report

Avaada Group Receives Financial Commitments worth For 9 Projects
ECONOMY & POLICY
23 Jan 2025

Avaada Group Receives Financial Commitments worth For 9 Projects

Hyundai Localises Over 1.2k Parts & EV Battery Packs
ECONOMY & POLICY
23 Jan 2025

Hyundai Localises Over 1.2k Parts & EV Battery Packs

Tata Elxsi Joins Hands with Minespider for Battery Platform
POWER & RENEWABLE ENERGY
23 Jan 2025

Tata Elxsi Joins Hands with Minespider for Battery Platform

HMDA Plans to Raise Rs 200 Bn For Infrastructure Projects In Hyderabad
ECONOMY & POLICY
23 Jan 2025

HMDA Plans to Raise Rs 200 Bn For Infrastructure Projects In Hyderabad

Maharashtra Government to Revise Ready Reckoner Rates in Next Fiscal
Real Estate
23 Jan 2025

Maharashtra Government to Revise Ready Reckoner Rates in Next Fiscal

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000