Part of the main runway of the former Manston airport will be reopened for heritage aviation under the latest plans put forward by the site’s owners.

The proposals, which go on show to the public for the first time today, will include a new home for two museums already based there next to a 1,200m section of the former runway dedicated to vintage flights.

The £500 million plans for Stone Hill Park, as it is now described by its owners, will also include at least 2,500 homes, with an ultimate capacity for about 4,000 homes.

It will also feature an advanced manufacturing business and technology park opposite the present Manston Business Park, set to create 2,000 permanent jobs.

Stone Hill Park has appointed former Air Marshall Clifford Spink, a former senior RAF group commander, as a key advisor.

The plans will be included in a separate planning application to Thanet District Council in the new year.

Developers submitted an outline planning application in June last year.

It comes as RiverOak Strategic Partners (RSP) continues with its rival plans to reopen the airport by submitting an application to take control of the site direct to the government, which it said would be submitted by the end of the year.

Stone Hill Park joint owner Trevor Cartner said: “We are moving ahead with significant enhancements to our masterplan, and are looking forward to fully sharing our updated proposals with the public.

“We have been committed from the start on ensuring the aviation past of this site is honoured, including providing the freehold for the Spitfire and Hurricane Museum and offering the same to the neighbouring RAF Museum under the existing plan, once agreement was reached on the adjacent road junction.”

Ray Mallon, spokesman for Stone Hill Park, added: “Unlike the fantasy freight cargo hub from RSP, our proposals will honour Manston’s heritage as well as deliver real benefits for Thanet.

“What RSP suggest would bury not respect that past, alongside the area’s tourist industry. We prefer to respond to Thanet’s housing crisis, boost Thanet’s economy, improve access to sport and promote sustainable, green living.

“We have listened closely to what the public have told us and call on both the public and their elected representatives to engage and help us deliver a scheme that is right for Manston and Thanet.

“This is a scheme that will not destroy acres of countryside but instead will answer Thanet’s housing need; boost the district’s economy, and ensure the former airport site isn’t turned into a white elephant for years to come.”

Residents can see the latest scheme at public consultation events at the Holiday Inn Express, Minster, today from 3pm to 8pm and at the Pegwell Bay Hotel, Ramsgate, tomorrow also from 3pm to 8pm.

The fate of the site will come under the spotlight tomorrow when county councillors hear from rival groups about their alternative plans for it.

The two groups - owners Stone Hill Park and RiverOak Strategic Partners - will be in the same room to deliver presentations to backbench county councillors.

Each will be given 30 minutes to outline their plans and be quizzed about their schemes, but it is thought unlikely that county councillors will vote on which they prefer.

The cross-party committee has no decision-making powers but may make recommendations to the Conservative-run cabinet at KCC.

The presentations on the two schemes had been scheduled to take place two months ago but were cancelled.