Recognized as Canada's largest passenger air terminal, the $600 million (U.S.) Terminal 3 development at Toronto's Pearson International Airport represents the first privatization project of its kind in North America. Terminal 3 provides Airport Development Corporation with critical experience in the newly emerging field of airport commercialization and demonstrated expertise in raising private-sector funding.

The 29 gate, dual pier terminal processes approximately one third of all passenger traffic at Canada's largest airport. Situated on 53 hectares of land, the 140,000 sq. m. structure contains nearly double the amount of public space found at the airport's older terminals. With 8,500 square meters devoted to commercial use, Terminal 3 features the greatest variety of retail stores and traveller services available at any Canadian air terminal.

In addition to the main passenger terminal, the project includes a 500 room, luxury four-star hotel with a multitude of traveller-oriented meeting rooms and a 3,300 space concrete parking structure.

As the owner-developer, Airport Development Corporation was responsible for the equity and debt financing, formulation of financial and business plan, legal documentation, liaison with government agencies, planning, design, construction, marketing and leasing to airlines and commercial tenants.

Terminal 3 opened to the public in February 1991 and has won international acclaim and awards for its design and innovative methods of private financing and implementation. The overall project was completed within a three year time frame, clearly illustrating the corporation's financial and development expertise.