Last month, Northcrest Developments officially launched a process to gauge interest in the North Hangar lands at the former Downsview Airport site.

Although the timing was based on infrastructure milestones, the listing took flight on the heels of the Canada Investment Summit. With all eyes on the country, and a push to protect economic sovereignty, create jobs and build housing, the pitch is that it’s the ideal time to establish a new corner of Canada’s largest city.

Chris Eby, executive vice president of corporate and public affairs at Northcrest, spoke to Green Street News about the importance of the project, potential outcomes and Northcrest’s mixed-use vision for the site at-large.

Tell me about the Downsview Airport project and its significance.

YZD – the former Downsview Airport – is among the most ambitious and exciting real estate projects anywhere in the world.

We have 370 acres of land in the middle of one of the fastest growing cities in North America, connected to transit, right at the nexus of major highways and with a really exciting plan for how it will be built out. We’re building a new piece of city in north Toronto. That is a very rare opportunity.

What made this the time to launch a market interest process?

Real estate in Canada, and even in North America in some respects, is a small community. We’ve been talking to people on and off for a number of years, before this process even started. The North Hangars are incredible buildings that you can’t find anywhere else in the city. The interest has kind of always been there, but it’s definitely intensifying now that we’re casting a wider net with Cushman & Wakefield.

[We did that now because] we’re making progress from an infrastructure perspective. We’ve completed early works, the unglamorous stuff like creating access roads and cleaning up the site, that set us up for the next stage.

That [next stage] will include some of the big moves, like building the public roads and the key power, water and sewer infrastructure, that’s needed to subdivide the district and to provide key services for industrial, commercial and residential tenants. That mixed-use context is a key feature. We’re not creating this for just one type of user. We want to give people the opportunity to live very close to where they work while also having access to parks, shops, restaurants and community facilities.

What are the outcomes you’re targeting?

The outcome will be partially market-determined, but we’re looking for organizations and companies that share our vision for what this place could be. That could lead to a sale, a joint venture, a tenancy or something else.

We are looking at industries that are growing now, that are future-focused and that have the potential to create well-paying jobs. Industries that are an overall fit for a mixed-use area where there is going to be a lot of housing, parks and community facilities, where there’s going to be a whole range of ages and a lot of people. We’re not necessarily looking to return to the heavier industrial days of the past.

“We’re looking for organizations and companies that share our vision for what this place could be”

We’ve gotten a lot of people asking why this isn’t all housing. We know the city and the province need housing badly, but we think having employment is a really key part of the mix.

Speaking of industries focused on growth, there has been a lot of focus on defence from all levels of government. Do you think that sector is a likely candidate to move into the space?

There are definitely tailwinds in the defence industry unlike any other time that I can remember. The government is making strategic, large-scale investments in this sector.

A big part of the history of the site is that it was a defence manufacturing hub during the Second World War. Some of the most advanced aircraft used by the Canadian Air Force and the Royal Air Force were built at Downsview. There’s this amazing history of defense innovation and research. It was also the site of our early forays into the space program. The Alouette satellite was made at Downsview. The potential to continue that, although in a different form, is something that’s definitely of interest. We think that’s a pretty amazing story, but our focus is certainly not limited to defense.

Is there government interest in the site?

We’re working closely with different levels of government, and they’re definitely interested in this site as there are none other in the country that can deliver the numbers of new homes and jobs that we can – while also supporting domestic industries and supply chains. We think that our site and the surrounding lands represent a huge opportunity to do what all three levels of government say they want to do – build Canada Strong. Be our own best customer. And ultimately deliver the homes, jobs and domestic resiliency that we need in a fast-changing, increasingly uncertain world.

“We think that our site and the surrounding lands represent a huge opportunity to do what all three levels of government say they want to do – build Canada Strong”

It seems like this project presents a needed opportunity right now.

There’s a lot happening in the world that’s creating anxiety. There are a lot of industries that are deeply tied to the United States and that are facing some real challenges. What we’re trying to do is really meet the moment we’re having as a country, rally behind the flag and take advantage of the structural and cultural advantages we have in Canada and in Toronto in particular. YZD is about housing, jobs and building better neighbourhoods – yes – but it’s also an opportunity to show what Canada is all about, to draw on our diverse backgrounds and strengths, to innovate and to lead.

Read the original article here.