Cadallac Fairview to develop Buttonville Airport
By on Oct 28, 2010
Toronto's Buttonville Airport is set to close within the next five years, making way for a mixed use development.
Cadillac Fairview and Armadale Co Limited have announced a joint venture for the development of the current Buttonville site. The deal, finalized on October 7th, essentially acts as a death blow to the current Airport. Armadale is a family owned company which owns Toronto Airways Limited, the operator of the Buttonville Airport.
“Armadale is delighted to have formed this joint venture,” said Clifford Sifton, the President of Armadale in a statement.
“With Cadillac Fairview as both our partner and master developer we are confident that we can realize our vision for the development of this legacy property into a truly world-class development. With the expectation that our airport operations at Toronto Buttonville Municipal Airport will come to an end in several years, we look forward to actively pursuing relocation plans for our aviation businesses in conjunction with the relevant stakeholders.”
Cadallac Fairview, is one of North America's largest investors, owners and managers of commercial real estate.
The vision for the future development of the Airport will focus on innovation, sustainability and revitalization.
" While we are very early in the process, we envision an innovative mixed-use development that could include office space, a residential component with condo’s, hotels, retail shops and restaurants." said Heath Applebaum, Head of Communications for Cadillac Fairview
"We hope to make this very pedestrian-friendly and built according to green sustainability standards."
The expectation is that this new development will help lead the way in revitalizing the neighborhood. At this point there have been no timetables in place, and no applications have been made regarding the rezoning of the land.
“This site represents an excellent opportunity to create a world-class development and we look forward to working with the planning authorities
on this exciting project,” stated John Sullivan, Executive Vice President, Development of Cadillac Fairview. “The site’s scale and location and the move to mixed-use and higher density in accordance with sustainable planning principles should allow us to attract significant employment uses to the site through the creation of a vibrant 24 hour mixed-use community,” adds Sullivan.
