PSP Investments and Northcrest Developments Partner with Global Real Estate Leader Hines for Downsview Airport Lands Redevelopment Project
On February 14, 2024, the Public Sector Pension Investment Board (PSP Investments) announced a partnership with Hines to develop The Hangar District alongside PSP Investments’ subsidiary, Northcrest Developments (Northcrest).
This partnership marks a milestone in the Downsview Airport Lands redevelopment.
The Hangar District, the first proposed neighborhood in the redevelopment of Downsview Airport Lands, is poised to serve as an example for the comprehensive transformation of the entire site in the coming years. The proposal, currently being reviewed by the City of Toronto, outlines plans for nearly 3,000 new residences, including rental apartments and affordable housing choices. Additionally, the proposal aims to generate over 7,000 new jobs, situated in repurposed hangar buildings and in new commercial and office spaces. The proposed development also includes amenities such as shops, parks, daycares, and lively public spaces.
“With extensive experience in mixed use developments globally and a foundational commitment to innovation and sustainability, Hines is known for its track record of developing landmark real estate projects that deliver lasting value to communities and investors,” says Laurence Bastien, managing director, Real Estate Investments, Americas at PSP Investments. “Northcrest has been the driving force behind our vision for this project, fostering deep relationships with community members and stakeholders. We are looking forward to seeing Hines and Northcrest combine their expertise in all areas of real estate development, as this first neighbourhood of the Downsview Airport Lands is redeveloped.”
Northcrest has been shaping the vision for the future of the site, since PSP Investments bought the 370-acre Downsview Airport Lands from Bombardier in 2018 and has consulted with local community members, stakeholders and Indigenous Peoples.
The Downsview Framework Plan was recently honoured with the 2023 Toronto Urban Design Award in the Master Vision and Masterplan category.
Northcrest has adopted a meanwhile use strategy, as The Hangar District continues to undergo the City’s planning and approval process. It is infusing the former industrial site with year-round creative activations, arts and programming, which are helping inform the long-term vision.