Buttonville Airport to continue operations into late 2016

TORONTO, Dec. 18, 2014 /CNW/ - The Cadillac Fairview Corporation Limited (CF), Armadale Co. Limited ("Armadale") and Toronto Airways Inc. today announced that the Toronto Buttonville Municipal Airport ("Buttonville Airport") will continue in operation until at least fall 2016. 

CF and Armadale, owners of the lands at Buttonville Airport, submitted an application to amend the Markham Official Plan in the fall of 2011. The application plans for the area becoming a world-class employment district and vibrant, mixed-use lifestyle destination that puts people at the forefront of urban planning. On May 2, 2013 Markham City Council approved in principle, the vision and master plan for the Buttonville Airport Development Area.  Further approvals are required from the Region of York.  

The application is currently before the Ontario Municipal Board.  CF Armadale and Toronto Airways have extended the timeline for airport operations to continue until at least fall 2016. 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 Toronto Airways Inc. 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
The Cadillac Fairview Corporation Limited is one of North America's largest owners, operators and developers of commercial real estate. Cadillac Fairview focuses on developing and managing high quality office, retail and mixed-use properties in Canada and the United States, as well as international investments in real estate companies and investment funds.

With a portfolio valued at more than $25 billion, Cadillac Fairview and its affiliates own and manage nearly 43 million square feet of leasable space at 72 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre.

Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan, which invests to secure the retirement income of 307,000 active and retired teachers in Ontario.

About Armadale
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

Jennifer Paige, Corporate Communications, Cadillac Fairview, [phone], [email protected]