Airport

Toronto’s Abandoned Airport Set to Transform into a Futuristic City

In a bold and visionary move, an abandoned airport in Toronto, Canada, is set to undergo a dramatic transformation into a sprawling mega-city, thanks to an ambitious £12.3 billion ($22 billion CAD) redevelopment plan.

This groundbreaking project has recently been given the green light by local officials and promises to create a vibrant, thriving community over the next three decades. Spanning 370 acres of unused land, the development will see the creation of seven distinct neighborhoods, designed to accommodate up to 83,500 residents.

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What sets this project apart is its commitment to preserving the historical essence of the former airport. Developers have pledged to retain key elements of the site, including 11 aircraft hangars and half a mile of the original runway. These remnants of the past will be ingeniously repurposed, giving the new city a unique character that pays homage to the area’s rich history, particularly its role in aircraft manufacturing during World War II.

The heart of the first mixed-use district will feature the old hangars, which will serve as central hubs for community activities. These iconic structures will be surrounded by a mix of shops, restaurants, and even a library, all lining the preserved runway, now reimagined as a pedestrian walkway. This blend of the old and the new is expected to attract a diverse range of businesses and residents, creating a vibrant, interconnected community.

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The first phase of development is anticipated to generate 7,000 new jobs, providing local residents with opportunities to live and work within the same community. This district will include 2,850 housing units, primarily composed of mid-rise apartment buildings, catering to a variety of lifestyles and needs.

Northcrest Developments, the company behind this visionary project, believes that the unique nature of the development will appeal to businesses seeking distinctive and innovative workspaces that are currently unavailable in the market. According to company spokesperson Goring, “There’s an opportunity to attract companies that actually want to be here but can’t because they can’t find these types of locations.”

As the project progresses, it is expected to become a model for sustainable urban development, seamlessly blending history with modernity.

Airport

Three Major UK Airports Up for Multi-Billion Pound Sale

Three major UK airports, including London City, Birmingham, and Bristol, are set to be sold in a multi-billion pound deal as their Canadian owner, the Ontario Teachers’ Pension Plan (OTPP), seeks to capitalize on a booming air travel market.

The OTPP is in talks with minority shareholders about selling its stakes in these airports, as well as its holdings in Brussels and Copenhagen airports.

Current evaluations suggest the combined value of the five airports exceeds £10 billion, with OTPP owning between 25% and 70% stakes in each, potentially bringing the total sale to over £3.5 billion.

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The move comes as global aviation experiences a strong recovery, driving increased demand for air travel, particularly across Europe. The OTPP, which holds a significant portion of its portfolio in these airports, is in the process of offering its shares to co-investors with a 30-day “right of first refusal” period.

Analysts speculate that the sale could trigger a chain reaction, prompting other stakeholders to consider selling their shares, particularly if a new buyer seeks a controlling interest.

Bristol Airport, for example, has outlined an ambitious master plan to expand its capacity from 12 million passengers per year to 15 million by 2036, addressing the growing demand in the region.

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Meanwhile, London’s Heathrow and Stansted airports have seen record passenger traffic, further underscoring the sector’s recovery.

As the 30-day period progresses, the OTPP’s decision could spark a flurry of activity, with other investors such as Australian giant Macquarie reportedly showing interest in the airports.

This potential sale is set to reshape the future of UK airport ownership and investment, as the aviation industry continues to recover and grow.