Speculation of what will happen to Buttonville Airport if it closes was the focus of a recent article in the Georgina Advocate.
According to the article, which quotes Mr. Sifton, the airport land is actually zoned Commercial (I have yet to confirm this). The 165 acres that the Siftons own, and which the airport sits on, is worth an estimated $165M.
It is possible, but highly unlikely, that the airport could be torn down and be replaced by a mall or other commercial space.
Personally I suspect the land is worth more than $165M as it is prime real estate. Especially if it is zoned Commercial.
The article spends some time discussing how residents are complaining about the noise from the airport. What most people don’t realize is that the airport was there before them. Which in my mind makes all of their complaints moot.
[Mr. Sifton] indicates he’s encouraged a resolution will be found and reassures that Buttonville isn’t closing today and that they “still plan on being here tomorrow and beyond providing it makes business sense for us to do so”.
It all comes down to money. With the lack of GTAA funding it might be more worthwhile (ie, make more money) for the Siftons to demolish the airport and lease/sell the land to commercial developers.
Remember: Buttonville is a private airport on private lands. It is not run by the government or available for public use. The Siftons have generously allowed the public to use the airport during operating hours.
The bottom line: If the airport continues to make money, then its staying. Otherwise runway 33 might turn into a Walmart.