Northcrest Developments executives Catharine Barnes and Kristy Shortall, strangers before being hired by the firm, now form a formidable duo playing a significant role in some of the largest real estate development projects in North America.
Barnes, vice president of strategy and operations, and Shortall, executive vice president of development, were both hired by Northcrest when the company was formed in 2018 to transform the former Toronto airport site into a $30 billion, or approximately 21 billion United States dollar, mixed-use project.
The project, named YZD to reflect the airport code of the shuttered Downsview Airport, is located at what is now known as the Downsview Airport Lands. YZD has the potential to create something akin to a small city within Canada's largest metropolitan area, according to Northcrest, a Toronto-based real estate developer and subsidiary of the Public Sector Pension Investment Board.
Barnes and Shortall spoke with CoStar News about their careers and how women have played an integral role in the YZD project, as the world marks International Women’s Month, highlighted by a dedicated day on Saturday.
Shortall is a 20-year real estate veteran who has held numerous industry roles, including working with residential developer Metropia and various positions at a consulting firm that would become WSP.
"I was lucky enough to have landed a position right out of school and have been in the industry the entire time," said Shortall. She said she studied geography and business as an undergrad before obtaining a master's degree in urban planning and real estate.
"In school, you deal with theory and aspirations and vision, and real estate, to me, was practical, and I liked the implementation. For us at Northcrest, that means creating communities where people want to live," Shortall said.
Developer envisions series of districts
At the YZD site that is connected by a 2.1-kilometre main artery that once served as a runway, Northcrest envisions a series of districts that could eventually be home to more than 54,000 residents and, with a proposal for as much as 28 million residential square feet. Shortall said 22,000 jobs will be created at a site that will contain 72 acres of park space.
"We call it almost a city within a city," said Shortall. "There will be dozens of schools, community centres, daycares. Toronto is a series of neighbourhoods, and Downsview will bring seven new neighbourhoods."
The first one, known as The Hanger District, is expected to have a development plan approved by the city by mid-2025, allowing the company to start construction in 2026. Residents would move in by 2031. The entire project has a 30-year timeline.
As for Barnes, she was a late arrival to the real estate world, and the Toronto project is her first in the industry.
"I had no background in real estate when I joined the organization. I studied political science. I did an MBA, and then I had a career that included working in policy," said Barnes, who took a hiatus to raise her family and care for her mom. "When the kids got bigger, I decided to return to school."
She was working on policy for the city of Toronto and was hired by the mayor's office, which led to a connection with Northcrest.
"I was brought in to help set up the organization structure, processes, and office," said Barnes. She said her experience has been leveraged by Northcrest for key issues like branding and community engagement.
"We are developers first, but because of the scale and uniqueness of the project, there is a lot more that goes into our work," Barnes said.
Shortall jokes that her colleague Barnes is the "Swiss army knife" of the company and has tools she can deploy for multiple tasks.
Barnes and Shortall complement each other
Northcrest has multiple moving parts at the YZD project, which transcends even a typical mixed-use development. This came into view when its entertainment team landed a deal this year with Live Nation Canada for a 50,000-seat outdoor stadium at the site.
"Northcrest is inspiring because we all come from so many different backgrounds," said Shortall.
Barnes said the pair didn't know each other at the beginning, but it didn't take long before they realized how much they complemented one another.
"What binds us all is how much we care about the city and this project. There is deep passion about this project," she said, both agreeing Chief Executive Derek Goring has been the key to corporate culture.
Looking at the project and company through the lens of International Women's Day, the pair notes that half the company's 44 people are women, and 40% of the C-suite are women.
Barnes said she feels a little "spoiled" walking into a situation with great leadership that provides opportunities. "I had the luxury of taking time off. The trick is getting back in," she said, adding going back to school for courses and doing volunteer work helped her bridge the gap from being out of the workforce.
With two decades in the industry, Shortall has more real estate experience, and she says there is no getting away from the reality that real estate is a male-dominated industry.
"To me, male or female, it is the leadership you are exposed to that makes the difference," said Shortall, adding she was lucky to have a female mentor early in her career. "She told me to control the room and make sure you are part of the conversation. Sometimes people didn't like that. Male or female."
Shortall has tried to give back to other women and started the Urban Land Institute's Women's Leadership Initiative, which is committed to increasing the number and visibility of women in leadership roles at ULI Toronto and the industry in general.
"I got to meet these women and be inspired by what they have done and have them as supporters," said Shortall. "Having supporters in any industry is important. I now try to mentor younger females in the industry."
Her colleague Barnes said she always remembers "women around the world" have more challenging circumstances than she faces.
As for the YZD project, Shortall hopes it will be remembered for that runway, which she calls the "community spine," and she would like to see it be "a top 10 thing to visit in Toronto."
Barnes said she hopes the project's seven districts become unique in their own way.
"I'd like them to be known as the best of Toronto that are livable spaces, more focused on active transportation, a great connection to nature and bringing in arts and culture," said Barnes.