The 170-acre site where the Buttonville Municipal Airport currently sits is being put up for sale by Cadillac Fairview.
“After forming a joint venture almost 10 years ago, Cadillac Fairview and our partner, the Sifton Family, have made a joint decision and are in the process of putting our positions in the Buttonville airport site for sale,” said Cadillac Farview in a statement to Toronto Storeys.
“At Cadillac Fairview we are constantly looking at ways to evolve our portfolio, and after a strategic review of our development program we have decided to focus our efforts on our downtown Toronto land bank, which includes the recent purchase of the East Harbour lands, as well as the densification of our existing retail portfolio.”
The property is located in Markham, about 30-minutes from downtown Toronto, and is bound by 16th Avenue, Highway 404, Renfrew Drive, and Valleywood Drive. Cadillac Fairview currently owns the land in a joint venture with Armadale CO. Ltd., which owns Buttonville operator Toronto Airways Limited.
The land of where the airport now sits was sold to the real-estate giant back in 2010, with the intention of developing the site.
In 2011, Cadillac Fairview and Armadale submitted an application for land-use changes to the site to permit a world-class employment district and vibrant, mixed-use lifestyle destination.
However, in 2018 due to significant delays in reaching an appropriate rezoning, Cadillac Fairview, Armadale and Torontair announced they had extended the timeline for airport operations to continue for up to five years, into spring 2023. The exact date the airport will be for sale, and for how much, has yet to be disclosed.
Cadillac Fairview is one of the largest owners, operators, and developers of office, retail, and mixed-use properties in North America. With a Canadian portfolio valued at around $32 billion, Cadillac Fairview owns over 37 million square feet of leasable space at 70 properties in Canada, including landmark developments such as the Toronto-Dominion Centre and CF Toronto Eaton Centre.
Toronto’s Buttonville Airport has been serving the area since 1963 and has grown to accommodate private, commercial and corporate aviation as well as a flight school.
Toronto Storeys reached out to Cadillac Fairview and the Buttonville Airport for comment but had not heard back by the time of publication.