TORONTO—The Public Sector Pension Investment Board (PSP Investments) has announced a partnership with global developer Hines to help develop The Hangar District as part of the Downsview Airport Lands redevelopment.
Hines will work with PSP Investments’ subsidiary Northcrest Developments to build nearly 3,000 new homes including rental apartments and affordable options as part of the proposal, stated a release.
The Hangar District is the first proposed neighbourhood in the Downsview Airport redevelopment. The proposal, currently being reviewed by the City of Toronto, also provides for more than 7,000 new jobs located in retrofitted hangar buildings and in new commercial and office spaces; and amenities including shops, parks, day cares and public spaces.
PSP Investments purchased the 370-acre Downsview property from Bombardier in 2018. A design document won the 2023 Toronto Urban Design Award in the Master Vision and Masterplan category.
“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,” said Laurence Bastien, managing director at PSP Investments, in a statement.
“The Hangar District is a reaffirmation of our commitment to shaping the built environment in Toronto,” added Syl Apps, senior managing director at Hines. “We are honoured to partner with PSP Investments and Northcrest on this project that will deliver a transformative, sustainable and inclusive mixed-use neighbourhood.’
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