Plans for the north side of the airport, which have been submitted to Darlington Council, include residential development and a local services centre for retail, commercial, leisure and community uses.
After acquiring a majority shareholding in the airport in 2003, The Peel Group has invested over £34m in operating and capital costs, and has emphasised the importance of generating funds for the investment needed to support the airport in becoming a viable business in the future.
Robert Hough, chairman of Peel Airports, said: “The development plans have the potential to bring much needed security to the airport’s future for a minimum period of five years and potentially the next ten years.
“This would allow time for the region’s economy to recover, supporting the prospects for growth in services.
“We understand the importance of maintaining an airport for the Tees Valley and its importance to the area’s economic future. The plans we have put forward today can play an important part in supporting its ongoing operations and establishing the viable business base which will help it to move forward.”
Key elements in the outline planning application include; a residential development of up to 350 houses and a local services centre including small scale retail space, financial and professional services, restaurants and other leisure facilities.
Community facilities are also proposed which could include a health centre, dentist and nursery.