Aligning on a shared vision of sustainability, inclusivity and urban transformation, the parties will combine their expertise to develop over 40 acres of the first neighbourhood, The Hangar District.
FEBRUARY 14 2024 (Toronto, Canada) – Today, the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, announced a partnership with Hines, a global real estate investment, development and property management firm, to develop The Hangar District alongside PSP Investments’ subsidiary, Northcrest Developments (Northcrest). This marks a significant milestone in the Downsview Airport Lands redevelopment.
The Hangar District is the first proposed neighbourhood in the Downsview Airport Lands transformation and will become an example for how the overall site is expected to be reimagined over the coming years and decades. The proposal, currently being reviewed by the City of Toronto, envisions nearly 3,000 new homes, including rental apartments and affordable options; more than 7,000 new jobs located in retrofitted hangar buildings and in new commercial and office spaces; and amenities including shops, parks, daycares and vibrant 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.”
“The Hangar District is a reaffirmation of our commitment to shaping the built environment in Toronto,” says 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. Our partnership reflects our shared values and commitment to making a positive difference in the communities in which we operate.”
“As one of the most significant city-building opportunities in North America, there is a high bar for the level of innovation, quality and collaboration any development partner needs to have. That’s why we’re delighted to collaborate with Hines who has an impressive track record and shares our values around sustainability, social impact, and inclusivity,” says Derek Goring, CEO of Northcrest Developments.
Since PSP Investments purchased the 370-acre Downsview Airport Lands from Bombardier in 2018, Northcrest has been shaping the vision for the future of the site, consulting widely with thousands of local community members, stakeholders and Indigenous Peoples. The blueprint guiding the Downsview Framework Plan is one that’s already receiving accolades, recently awarded the 2023 Toronto Urban Design Award in the Master Vision and Masterplan category.
As The Hangar District continues to undergo the City’s planning and approval process, Northcrest has adopted a meanwhile use strategy, infusing the former industrial site with year-round creative activations, arts and programming, all of which are helping inform the long-term vision. More than 15,000 people have visited the Downsview site to play and explore, as well as provide valuable feedback on how they would like to see the site evolve.
To learn more about the Downsview Airport Lands redevelopment, please visit: www.northcrestdev.ca
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About Hines
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.
Since the launch of its Canadian operations in 2004, Hines has developed, acquired and/or managed over 13 million square feet of signature projects representing a wide variety of product types -- from city-defining office buildings to retail, residential and mixed-use developments. With offices in Toronto, Vancouver, Calgary, and Edmonton, and over 123 employees, the team's track record of economic value creation, investment stewardship, engineering excellence, advanced building design technology and architectural achievement continues to attract leading investors, clients and partners to help reshape Canada's skylines.
About Northcrest Developments
Northcrest Developments is leading the master planning and redevelopment of the 370-acre Downsview Airport Lands. The project is one of the largest mixed-use developments in North America and will be carried out over the course of 30 years, working closely with local communities, Indigenous Peoples and a diverse set of stakeholders. Northcrest is a wholly owned subsidiary of the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension iinvestment managers. PSP bought the 370-acre site from Bombardier Aerospace in 2018, and established Northcrest Developments that same year. To learn more about Northcrest visit www.northcrestdev.ca and follow @northcrestdev on social media.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $243.7 billion of net assets under management as of March 31, 2023. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
Media contacts:
Hines
Marisa Monte | marisa.monte@hines.com
Northcrest Developments
Megan Black mblack@northcrestdev.ca
Samantha Lem samantha.lem@kga-inc.com
PSP Investments
Maria Constantinescu | media@investpsp.ca