TORONTO, April 27, 2018 - Cadillac Fairview ("CF"), Armadale Co. Limited ("Armadale"), and Torontair Limited ("Torontair") today announced that the Toronto Buttonville Municipal Airport ("Buttonville Airport") will continue operations until at least spring 2023.
In 2011, CF and Armadale, owners of the lands at Buttonville Airport, submitted an application for land use changes to the site to permit a world-class employment district and vibrant, mixed-use lifestyle destination.
Due to significant delays in reaching an appropriate rezoning, CF, Armadale and Torontair have extended the timeline for airport operations to continue for up to five years, into spring 2023. The outlook for extensions beyond this date will be dictated by progress on approvals.
About Buttonville Airport
Buttonville Airport is a multi-service general aviation airport operated by Torontair Limited offering a complete array of general aviation services including flight training, aircraft maintenance and Avionics service providers, local and visiting pilot services, based and visiting aircraft services, and hangar and office space for rent.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers' Pension Plan, a diversified global investor which administers the pensions of more than 300,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $29 billion, the Canadian portfolio includes over 38 million square feet of leasable space at 67 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
Armadale Co. Limited is a private, family owned real estate owner and developer headquartered in Markham. Armadale identifies opportunities to develop unrecognized, undeveloped or undervalued properties and participates operationally and financially either as consultants, owners or in joint ventures.
For further information: Media Contact: Anna Ng, Cadillac Fairview, 416-598-8246, email@example.com