PSP Investments has announced a partnership with real estate company Hines to develop The Hangar District neighbourhood in Toronto, Canada, alongside PSP’s subsidiary Northcrest Developments.
PSP Investments is a Canadian pension investment manager.
The Hangar District represents the first proposed neighbourhood in the Downsview Airport Lands redevelopment initiative.
PSP Americas Real Estate Investments managing director Laurence Bastien said: “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.”
Since acquiring the 370-acre Downsview Airport Lands space from Bombardier in 2018, Northcrest is said to have been actively engaging with the community to shape the site’s future.
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This extensive consultation process has involved residents, stakeholders, and indigenous populations.
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By GlobalDataThe proposal, which is under review by the city, includes plans for approximately 3,000 new homes, with a mix of rental apartments and affordable housing options.
The development is anticipated to create more than 7,000 new jobs through the retrofitting of existing hangar buildings and the construction of new commercial and office spaces.
The project will also include parks, daycare centres, shops, and public spaces.
Hines senior managing director Syl Apps said: “The Hangar District is a reaffirmation of our commitment to shaping the built environment in Toronto.
“Our partnership reflects our shared values and commitment to making a positive difference in the communities in which we operate.”
The development comes after Hines, in collaboration with Key Group, revealed its plans to construct an industrial aerospace and defence hub on the Space Coast, Florida, US, last December.
The three million-square-foot Space Coast Innovation Park project will be constructed in three phases.
