Montréal, Canada (May 3, 2018) The Public Sector Pension Investment Board (PSP Investments) today announced that it has entered into a definitive agreement with Bombardier Inc. to acquire its Downsview Airport property in Toronto. The Secondary Plan was last updated in 2011, and at that time the Airport had a significant influence on what was included in that Plan, as did the major public investment in the subway extension. Toronto-based Northcrest Developments was established in 2018 to master plan and develop the Downsview Airport lands on behalf of the With a mandate to manage the planning and development of PSP Investments’ Downsview lands long-term, Northcrest is committed to delivering financial returns for its shareholder while also generating public benefits.Northcrest will work closely with local residents and communities, as well as public, non-profit and private interests, to ensure the development of the Downsview lands become a model for how to create sustainable, resilient, vibrant, healthy communities while contributing to the neighbourhoods and city-region that surround it.Northcrest Developments and Canada Lands Company are collaborating to plan the future of more than 500 acres at Downsview. Northcrest and Canada Lands are devoting the coming year to evolving new land uses and a development framework for the site, and launching a Downsview is constantly evolving, but aerospace activities continue to play an important role in characterizing the legacy and future of the lands. The Downsview Airport was developed in 1939 as an airfield next to an aircraft manufacturing plant operated by de Havilland Canada. The upcoming departure of Bombardier and consequent decommissioning of the airport provides an opportunity to re-imagine these lands and build resilient, sustainable, vibrant, healthy, and complete communities.The collective lands include 370 acres that currently make up the Downsview Airport and hangar lands managed by Northcrest and 150 acres that comprise the Sheppard, Chesswood and Allen lands managed by Canada Lands Company. Over the next year, the two partners will engage communities and other stakeholders over three rounds of consultation. The aerospace hub includes a $72 million aerospace campus for Centennial College, partly funded by the federal and provincial governments, and is due to open in Fall 2018. To learn more, visit Copyright 2020 Northcrest Developments Inc. For more information, please visit our Bombardier and its subsidiary de Havilland have been located at Downsview for approximately 90 years, claiming Downsview as the “aerospace hub” in the GTA.
A myriad of notable Toronto city-builders are coming together to plan the future of over 500 acres of property at Downsview.
Der Downsview Airport wurde 1939 eröffnet. Centennial College recently celebrated the opening of its Centre for Aerospace and Aviation, and a consortium of aerospace companies and post-secondary schools from across the Greater Toronto Area are developing an Aerospace Research and Innovation Hub on the property.
The huge properties include the Downsview Airport, the Sheppard and Chesswood Districts and a portion of the Allen District lands west of Allen Road. Canada Lands is also building a dedicated dog park at Downsview in 2020 as the company prepares to relocate Downsview Park's urban farm to a permanent 10-acre agricultural campus.The planning process, which the development team has called "id8 Downsview", will be guided by feedback from multiple stakeholders, public policy objectives, and the priorities of Northcrest and Canada Lands.