Cadillac Fairview is now the sole owner of the Toronto Buttonville Municipal Airport, a 169-acre property in the City of Markham which for years has been considered a prime site for a major redevelopment.

The real estate giant has paid almost $193 million to acquire the 50 per cent interest in the property which it did not already own, according to sale information provided to RENX by Altus Group’s RealNet database.

The property is located at the junction of Highway 404 and 16th Avenue in the northern portion of the Greater Toronto Area (GTA). It’s about 30 kilometres north of Toronto.

Although Cadillac Fairview declined a RENX request for an interview about the sale, the Toronto-based firm did confirm the acquisition – saying for now it will continue to operate as an airport.

“We can confirm that CF is now the 100 per cent owner of the Buttonville site,” Cadillac Fairview wrote in an email reply.

“The airport lands have been leased back to (Torontair Ltd.) who will continue to operate the Buttonville airport for the foreseeable future.

 “Over the coming year, CF will explore various land use options to optimize the site’s future development potential.”