CF Plans Industrial-only Redevelopment at Buttonville
Cadillac Fairview has decided to redevelop its Buttonville Municipal Airport lands in suburban Toronto only as industrial space.
The company recently submitted a new draft plan to the City of Markham, calling for the 170-acre airport property to be developed for “employment and industrial uses.” Toronto-based CF originally proposed to convert the airport to a mixed-use community comprising 10 million square feet.
The new proposal, posted on Markham’s website, outlines a smaller, 2-msf phased buildout that includes 11 buildings ranging in size from 38,000 to 816,000 square feet. The original plan was scrapped in 2020 after being submitted in 2011.
Opened in 1953, the airport is slated to close in November. CF acquired whole ownership of the lands in 2021 after acquiring the remaining 50-per-cent stake from former joint-venture partner Armadale Properties.
CF ranks among Canada’s largest commercial real estate developers and investors. Both Armadale and the airport’s operator Torontair are owned by the Markham-based Sifton family.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.