U.S. investment giant Hines has become an investor in Toronto’s massive Downsview Airport Lands redevelopment project.

The Public Sector Pension Investment Board (PSP) announced that Hines has partnered on the development of the Hangar District, which is slated to be the first proposed neighbourhood in the 370-acre site’s redevelopment. Houston-based Hines joined Ottawa-based PSP and its subsidiary Northcrest Developments in the partnership.

“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,” said Laurence Bastien, head of PSP’s Americas real estate investment business, in a news release.

Plans call for the 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 and will be completed over three decades.