A shortlist of five companies is thought to have been drawn up for the Filton airfield near Bristol, which is being sold for an estimated £70m via Alder King.
Owners BAE Systems put the brownfield site up for sale in March. It has planning permission for 2,675 homes, as well as businesses, retail outlets and schools.
Among the companies thought to have been successful in the first round of the sales process are Barrett Developments, St Modwen and Taylor Wimpey.
