If anythings to go by the cost/benefit analysis produced in this report about the relocation of Adelaide Airport; study data deriving from 1989.
http://www.prres.net/Papers/Burns_Measuring_the_changing_effects_of_aircraft_noise.pdfESTIMATED -BENEFITS
1. Elimination of costs currently imposed upon households by aircraft noise and airport proximity;
$25m - $30m ('89)
$43.1m - $51.7m ('09)
2. Net increase in value of airport land, incorporating value of time and travel cost due to new residents;
$400m - $700m ('89)
$689.7m - $1.20b ('09)
3. Gain due to urban consolidation considerations;
$100m - $150m ('89)
$172.4m - $258.6m ('09)
Total Identifiable Benefits $450m - $840m ('89)
$775.9m - $1.45b ('09)
ESTIMATED COSTS
1. Present value of increase in time and travel costs to existing users of the airport;
$800m - $1.20b ('89)
$1.37b - $2.07b ('09)
2. Cost of replicating existing facilities, including purchase of land;
$650m - $800m ('89)
$1.22b-$1.38b ('09)
Total Identifiable Costs $1.45b-$2.00b ('89)
$2.50b-$3.44b ('09)
Net Loss $1.00b - $1.16b ('89)
$1.72b - $2.00b ('09)
This doesn't even in factor in the dramatic change in land values in that time frame; but if I'm to make a quick assumption based on the fact that the Adelaide median house price is $382,500 as of Q4 2009, and house prices "generally" tend to double every 7 years, going back to 1988, the average home would have been $47,812. (Let's just go with that, since I can't find any stats for the median home prices in '89) That's something like a 750% percent increase over that timeframe. The value of the airport land is realistically, far higher than the $1.20b figure - and would actually be worth around
$9.0b dollars. That is a goldmine of a figure, which I believe would be enough to recoup the investment many times over. This would put the relocation of the airport as being economically feasible, producing a positive cost/benefit result, rather than a negative one it produced in 1989.
That's just the economical impact from establishing the new airport; let alone any investment into the CBD from development potential.