The Toronto Buttonville Municipal Airport, the iconic little airport that lies just north of the city and has been in operation for 70 years, will be permanently shuttering later this year.

Located next to Highway 404 in Markham, the hub — which opened as an airstrip in 1953 and gained the official title of airport in 1962 — has long been a landmark for those driving into and out of the downtown core.

But, as of November 30, the privately-owned airport will be no more, as its lease for the 169-acre property at 16th Avenue lapses.

The Sifton family really wanted to keep it going but taxes are going up everywhere around them, and it must be a big money pit at this point.

— Sandra Sometimes Cormier (@Chumplet) June 1, 2023

The land is owned by Cadillac Fairview, the commercial real estate company behind multiple shopping centres in the GTA, which has long had a stake in the airport but bought it out entirely in 2021. 

A plan for a sprawling mixed-used development comprising residential, office, commercial and hotel space was at one point proposed when CF was only part owner of the property, but there is no news yet on what the brand now has in store for the prime piece of real estate — only that it will be redeveloped sometime in the near future.

Looks like Cadillac Fairview bought 50% of the Buttonville airport land in 2010, and the rest in 2021. They paid a reported $193M for the 50%, meaning the full 168 acres would've had a price of nearly $400M. Big development plans there for sure.https://t.co/sFqBILFseP

— TDot Resident (@TDotResident) June 1, 2023

Buttonville operates 24/7, 365 days a year, and sees a decent amount of air traffic, even making the list of Canada's 20 busiest airports in previous years.

While many online are already mourning its loss — especially to make way for, potentially, more condos and a shopping centre — others are already joking about the more interesting aspects of its legacy, like when a plane was forced to land on Highway 404 shortly after takeoff from the airfield in 2020.

The drive along #16 will never be as thrilling. pic.twitter.com/u0bMXFG7qC

— Sans visage (@QuantaWave) June 1, 2023

The president of the company that operates the airport announced the news to staff and stakeholders in a letter earlier this week, wishing them the best and thanking them for their "contributions on this epic journey."