The carve up went ahead way back in Dec 2012 with the transfer of control of 34ha to Leda Holdings. The only issue now is exactly how will the finished development look.
Its definitely a shock to see how much of these airfields have been given over to non-aviation but I can see an opportunity here. The 'opponents' have yes claimed land, but they've also reduced the size of the battlefield. If the the remaining aviation businesses and any would-be aero entrepreneurs wish to flourish from here on, now's the chance!
Strike now while you can. You can't reverse development approvals or bricks and mortar but you can encourage other operators to come into the field so that you regain a critical mass.
Its now far easier to fill up and make busy again a smaller airfield than a sprawling open plain. There lies the opportunity. For example, US style FBO's are non existant in Australia and yet Essendon has just announced its plan to target the growing corporate jet market. Bankstown can counter with FBO's which offer free shuttles to the city and customer destinations (for the first 12 months) to build a prescence again.
From there the airfield can revitalise its flying schools and re-energise its industry advocates (c'mon AOPA!). Secure those overseas training contracts and capitalise on the new types of aircraft and marketing angles being introduced around the world.
Businesses and investors will support vibrancy. But I say this: if aviation continues to decline and give up more space, yes, it will decline and give up more space. Eventually, it will have no more space left to give up.
But if it chooses to see the opportunity as it now presents itself, its game on and the future can be bright.