Avro Heritage has formed a joint venture with Harrow Estates to develop the former BAE Systems Aerodrome in Woodford.
The two businesses will work together on a plan to redevelop the 500 acre site.
Harrow Estates will work on a masterplan and subsequent development for the site alongside Stockport and Cheshire East Councils.
Harrow Estates, part of the Redrow Group, are specialists at developing brownfield sites.
The area, set within the Green Belt, will be subjected to a Supplementary Planning Document before any development can take place.
It is envisaged the SPD could be adopted within the year if there are no objections to the proposals. It will not be possible to submit any planning applications until the SPD is in place.
Avro operations director James Fletcher, said: “Harrow Estates are experts in their field. They have the experience and vision to ensure the best possible solution for this site and the surrounding community.”
Jennie Daly, managing director of Harrow Estates, said: “We are delighted to be bringing forward this exciting regeneration project.
“Harrow will work closely with the community and both Stockport and Cheshire East Councils and we will be bringing forward proposals of excellent design quality, delivered to the highest standards.
“We have read with interest the submissions of local people and in particular, the desire to reference to the proud heritage of the site and benefits for the community.
“We will focus on ensuring our proposals are viable, sustainable and deliverable. Alongside this, we will be sure to recognise the important contribution of the thousands that came to work here over the years.”
Cllr Dave Goddard, Leader of Stockport Council, said: “We will work closely with Cheshire East Council and Harrow Estates to produce a Supplementary Planning Document, which will guide future development for the site.
“An updated programme of key dates and deadlines will be agreed as early as possible. We remain committed to listening to local views and we will consult in detail with people before the publication of the SPD.
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