Durham Tees Valley Airport (DTVA) in England has unveiled a £280m long-term redevelopment plan, which is expected to create 3,800 new jobs.
The scheme is scheduled to be completed by 2020 and will be partly funded by selling off the airport land for homes.
The plan includes developments on the north and south sides of the airport runway. It will focus on tapping the full potential of the DTVA site, re-positioning the airport to focus on business routes, and expanding the base of aviation related activity on the site.
DTVA will promote the leisure destinations accessible through scheduled services to Amsterdam Schiphol Airport and business services through marketing activity.
Commenting on the development, DTVA strategic planning director Peter Nears said:"Few airports, even the largest, can survive on revenues from passenger traffic alone and many have established wider development platforms to diversify income sources to enable re-investment in airport services.
"The airport has land assets, which provide the development opportunities we must pursue if we are to improve the whole DTVA operation." .
The Northside development plan proposes 250-400 offices and homes, with associated community facilities, and reducing the size of the existing terminal building to add an extension to the on-site St George's Hotel.
Plans for the Southside development include a logistics and business park, engine testing facility and additional aviation support facilities, including a new apron and associated hangars.
The plan will complement the existing activities at the airport such as aircraft engineering, dismantling and recycling, and result in the creation of multi-modal logistics centre, air cargo, with rail and road connectivity, to maximise the employment potential.
The proposals will be the subject of a two-month public consultation that begins this week.
An estimated 3,800 new jobs will be created as part of the plan, with an additional 450 jobs during construction phases, contributing more than £348m gross value added (GVA) to the regional economy.
DTVA expects the plan to help secure existing routes to international markets and develop new routes to other UK and European destinations.
In addition, passenger numbers are forecast to increase to 200,000 by 2020 in line with government forecasts from the figure of 165,000 passengers handled in 2012.
DTVA has witnessed a fall in passenger numbers by 700,000 in the past seven years, and previously, the airport's majority owner Peel Holdings made two unsuccessful attempts to gain additional investment through the government's regional growth fund.
Image: The long-term redevelopment plan of Durham Tees Valley Airport includes developments on the north and south sides of the airport runway. Photo: courtesy of Dtvairport.