The scheme involves redeveloping a 90-acre site to create offices, industrial buildings and homes, from south east of the passenger terminal to as far as Gogar roundabout.
The project would also involve the Airport sacrificing its secondary runway to make way for the scheme, however bosses claim the crosswind runway is rarely used.
Gordon Dewar, chief executive officer of Edinburgh Airport, said: "We have long believed that the land around Edinburgh Airport is a valuable strategic asset, from which local communities and the economy should benefit.
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"This venture will accelerate that process and we look forward to working with John Watson and his team, and the Scottish Government and City of Edinburgh Council, to promote opportunities to put the land to good use."
A sister company is to be established to help promote the site, with a specific focus on sustainable energy provision across the entire airport site.
Construction could get underway next year if planning permission is approved.
John Watson, chief executive of the new development company and a former chief commercial officer of the airport, said: "There is a really great opportunity in the west of Edinburgh, to build infrastructure from which future generations benefit.
"We will be investing significantly in the land opened up by the closure of the second runway and will work with other developers in the area to promote the wider opportunity we believe exists."
(LM/MH)
