The Downsview Airport Lands redevelopment project has been given a new name.

The 370-acre site is now known as YZD, the former airport’s call sign.

YZD is designed to house 55,000 residents and comprise more than 28 million square feet of residential space, seven million sf of and cultural spaces, and nearly 74 acres of parks, green and open spaces, including a reimagined two-kilometre runway

The Toronto-based Public Sector Pension Investment Board (PSP) is developing the 30-year project through its subsidiary. U.S. investment giant Hines, through its Canadian subsidiary, has also invested in the project.

In recent months, Toronto city councillors unanimously approved a new secondary plan for the Downsview area and Bombardier moved its manufacturing operations to Toronto Pearson Airport.

“With these exciting milestones achieved, now’s the perfect moment to give the site a new identity. YZD was a name our team kept coming back to; it perfectly represents a new chapter in the storied legacy of the Downsview Airport,” said Derek Goring, CEO at Northcrest, in a news release.

Plans call for the project’s first phase, Hangar District to contain about 3,000 new homes, including rental apartments and affordable-housing options. New commercial spaces, including offices and retail units,, are also proposed along with such amenities as parks, daycares and public spaces.

About 7,000 jobs are expected to be created.. The City of Toronto is reviewing the Hangar District proposal.

Northcrest is leading the master planning and redevelopment of the Downsview Lands. The project ranks among the largest mixed-use developments in North America.