Armadale Properties Limited

Armadale Properties Limited

August 31, 2009 17:04 ET

Toronto Buttonville Municipal Airport to Be Developed as a 21st Century Business Park

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2009) - Armadale Properties Limited ("Armadale") today announced that it is moving forward with the appropriate planning and pre-development work to convert the lands on which the Toronto Buttonville Municipal Airport ("the Buttonville lands") is currently operated. The intent is to create a sustainable urban centre integrating leading energy and environmental conservation planning with opportunities for 20,000 jobs mixed with shops, restaurants and housing.

Although Armadale acknowledged that the re-development of the Buttonville lands has been under consideration for some time, added impetus to determine to proceed at this time was provided by the Greater Toronto Airports Authority ("GTAA") decision to terminate the operational funding previously provided to Toronto Airways Limited for the continued operation of the airport.

Armadale stated that, as planning for the redevelopment was at a very early stage, it was not in a position to elaborate on the nature or scope of the development proposed for the Buttonville lands.

However, based on preliminary analysis, Armadale indicated that it would be proceeding with submissions to the Town of Markham to allow a greater variety of uses than are permitted under existing planning designations.

Armadale also indicated that the planning and design of a new development for the Buttonville lands would take several years before construction could proceed and that, in the interim, Toronto Airways Limited would continue to operate the airport as long as it was economically feasible to do so, recognizing that this would become increasingly challenging without operational funding from the GTAA.

A full service team has been assembled to assist Armadale with the preliminary planning and development work, comprising Malone Given Parsons Ltd., IBI Page & Steele Architects, Cole Engineering Group Ltd., and the MMM Group. Brookfield Financial is the exclusive financial advisor.

Contact Information

  • Armadale Properties Limited
    Paul McVeigh
    General Manager, Director of Finance
    (905) 477-8000 x233
    (905) 477-6897 (FAX)