Resurrection of Belmont Airport in Newcastle is going ahead under the consortium the bought the property in May.
The airport had fallen into a state of disrepair since regional airline Aeropelican withdrew operations in 2006 and sold the property to Mirvac.
According to a report in the Newcastle Herald, the consortium has already spent $100,000 cleaning up the airport grounds, and there is still a lot of work to do yet.
The new owners, which include Matt Hall, Skydive the Beach, Airborne and Newcastle Helicopters, plan to transform the airport into a vibrant general aviation hub.
Plans are for engineering facilities for Matt Hall Racing and Newcastle Helicopters, adventure flights and sports aviation.
There have also been hints of a flight training facility for overseas students, a proposal that could prove a problem given the airport's proximity to housing.
Belmont is one of the few (if not the only) airports in Australia that have been returned to service having been bought by a development company.