TORONTO, May 4, 2016 /CNW/ - Cadillac Fairview (CF), Armadale Co. Limited ("Armadale") and Torontair Limited today announced that the Toronto Buttonville Municipal Airport ("Buttonville Airport") will continue in operation until at least fall 2017.
CF and Armadale, owners of the lands at Buttonville Airport, submitted an application to rezone the site in the fall of 2011 to permit a world-class employment district and vibrant, mixed-use lifestyle destination. The authorities having jurisdiction have not granted the land use change for the project and the application is currently before the Ontario Municipal Board. As a result CF, Armadale and Torontair Ltd. have extended the timeline for airport operations to continue until at least fall 2017. The outlook for extensions beyond this date will be dictated by progress on approvals.
About Buttonville Airport
Buttonville Airport is a multi-service general aviation airport operated by Torontair Ltd. offering a complete array of general aviation services including flight training, pilot supplies, local and visiting pilot services, based and visiting aircraft services, and hangar and office space for rent.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The company also invests in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at more than $29 billion, Cadillac Fairview owns over 37 million square feet of leasable space at 71 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre and CF Chinook Centre.
Cadillac Fairview has been wholly owned by the Ontario Teachers' Pension Plan since 2000. Ontario Teachers' is a diversified global investor and administers the pensions of more than 300,000 active and retired school teachers.
Armadale Co. Limited is a private, family owned real estate owner and developer headquartered in Markham. Armadale identifies opportunities to develop unrecognized, undeveloped or undervalued properties and participates operationally and financially either as consultants, owners or in joint ventures.
SOURCE Cadillac Fairview Corporation Limited
For further information: MEDIA CONTACT: Cadillac Fairview Corporate media line: 416-598-8645