Keflavik Airport Development Company, Kadeco, leads the cooperation of the Icelandic state, Isavia, Reykjanesbær and Suðurnesjabær on the planning, development and marketing of land around Keflavík International Airport.
Kadeco has led the development and transformation of the area, a former U.S. military base, since 2006, when the US government returned the region to the Icelandic government. Initially, one of the company’s main objectives was to bring remaining properties into civilian use. The sale of properties has now been completed and future emphasis is placed on the development of land surrounding Keflavik Airport.
In 2021 Kadeco formally launched a design tender for the Keflavík Airport Area Strategic Masterplan, focusing on the development and planning of land surrounding Keflavík International Airport until 2050. Proposals were submitted by 25 teams, each made up of seven to ten companies. The applicants included many global leaders in their fields, which is an indicator of the worldwide interest that the Keflavik Airport Area has received. In December 2021 Kadeco announced the selection of a multidisciplinary team led by KCAP to develop a strategic masterplan for the Keflavik Airport area.