PSP subsidiary starts development consultations for Toronto property

Northcrest Developments, a real estate subsidiary of the Public Sector Pension Investment Board, is launching a development project in Toronto, alongside the Canada Lands Co.

The site, known as Downsview, is 520 acres and includes the Downsview Airport, which is slated for closure in 2023.

While details of the development plans are largely unknown, a consultation process on how best to use the site will begin later in March with a series of “walks and talks” intended to familiarize the surrounding community with the development team.

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“There’s an important opportunity to support a number of public policy priorities including transit-oriented development, job creation and increasing the supply of housing — in particular, housing that’s affordable,” said Chris Eby, executive vice-president of Northcrest Developments, in a press release. “The new land use framework will be guided by the information we receive through the engagement process and will, in turn, inform the work we do in the years to come.”

During 2020, Northcrest and Canada Lands intend to establish an updated land use and development framework, which will then be presented to the municipal government for approval.

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