An old airport in Toronto is being transformed into a new neighborhood for almost 55,000 residents.
The former Downsview Airport is being redeveloped into seven pedestrian-friendly neighborhoods with apartments, shops and public parks.
A spokesperson for the developer told Business Insider that the project is expected to cost about 30 billion Canadian dollars, or about 22 billion US dollars.
Downsview Airport first served as a Royal Canadian Air Force base during World War II and was most recently a test facility for aircraft manufacturer Bombardier, the Wall Street Journal reported.
The planned “city within the city” will have green spaces and public parks. Garcia Creative/Northcrest Developments
Bombardier sold the site to PSP Investments in 2018 for about $635 million, the Journal reported. The company hired Northcrest Developments to manage and oversee the project.
But unlike some previous airport developments that abandoned the original infrastructure, Northcrest is capitalizing on the site’s unique elements.
For example, the former runway will become the center of the area and will connect all seven districts with a pedestrian zone just over 1.6 km long.
The airport runway is being converted into a pedestrian walkway. Garcia Creative/Northcrest Developments
It is intended to be seen as the “backbone of community life,” according to a project document seen by Business Insider.
“It’s hard to make a planned community seem authentic when everything is brand new,” Derek Goring, managing director of Northcrest Developments, told the Journal.
“That’s why we decided to build on the aerospace heritage,” he added.
Goring said Northcrest once considered abandoning the entire site and starting over, but decided that was “not a good idea.” He added that maintaining and reusing historic buildings had proven successful in other development projects around the world.
The developer hopes to attract companies and film studios. Garcia Creative/Northcrest Developments
He added that the airport’s original hangars, built between the 1950s and 1990s, would be the ideal location for film production, light industry and clean technology companies.
“This creates an opportunity to attract companies that actually want to settle here but cannot because they cannot find suitable locations,” he said.
The project, which is expected to take 30 years to complete, will feature 28 million square meters of residential space and 74 parks and green spaces.
It accommodates almost 55,000 people and creates 22,000 jobs.
The first of the seven districts, the Hanger District, is in the first phase of development and is expected to create 2,850 new homes and 7,000 jobs.
It is not the only project of its kind. In Greece, developers are transforming a former Athens airport into an $8 billion smart city that will house the country’s first skyscraper, a luxury shopping mall and a sports park.
Speaking to BI, the developers said they wanted to create a “postcode paradise” that combines coastal scenery with technologically advanced, sustainable infrastructure.
They estimate that the first phase of the project will be completed by 2026.
