The former Kurri Kurri smelter site is set to be transformed into a major housing estate featuring 2,000 homes.
Flow Systems has purchased the 2,000ha site from Hydro Aluminium, while also unveiling its vision for the prime land.
Over the next decade, the project is expected to deliver approximately 250ha for employment activities, around 250ha for residential development, and more than 1,200ha for conservation purposes.
"It will bring much-needed new services, new amenities, jobs and broader economic vitality to the existing Hunter Valley growth corridor," Flow System's Executive Manager - Development Solution Jamin Tappouras said.
"Flow’s vision is premised on a residential development eventually comprising more than 2,000 homes and a thriving business, retail and tourism precinct, featuring parklands and enhanced wetlands for public amenity,” he said.
Demolition and remediation work is continuing on the site.
Hydro Aluminium has been preparing the site for sale since its closure in 2014.