Buttonville airport will close within the next five years, its owner said yesterday, after an agreement was reached to sell the land to developers in a joint real estate venture.

Derek Sifton, president of Toronto Airways Ltd., which owns the airport, announced that a deal had been reached between its parent company, Armadale Co. Ltd., and real estate giant Cadillac Fairview.

“We are working together to maximize the property for the future,” Sifton said, adding that his company envisions a “mixed-use development” on the current airport lands that will “essentially create a new town.”

“It could have office space, residential, condo, hotels, shops and restaurants,” he said, adding it will be a high-density development built to Cadillac Fairview’s green sustainability standards.

Sifton said his company hopes to relocate its airport on the Pickering airport lands sometime in the future. In addition to the airport itself, Toronto Airways Ltd. runs Million Air Toronto and the largest flight school in Canada.