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Hines has become an investor in Toronto's massive Downsview Airport Lands redevelopment project.

Hines Investing in Downsview Airport Redev

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.


Inside The Story

Laurence BastienHines

About Monte Stewart

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.

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