Crail Airfield developers intend to intensify motor sports events and other activities as they consider next steps for the site.
Ground Developments Ltd expressed frustration after their major tourism plans for the old military base were quashed on appeal.
Managing director Kevin Mackenzie says historically-important buildings face an uncertain future as a direct result of the decision.
And he told The Courier he will now take time to consider the implications of the Scottish Government ruling.
He added: “In the interim, the company intends to focus on intensifying existing site activities, including motor sport events at Crail Raceway, business storage opportunities and agricultural use.”
The airfield owner had hoped to transform it into a major tourism draw, with 91 holiday lodges and business premises.
However, while he is disappointed with this week’s decision, the Crail community has reacted with relief.
Need for vision to benefit Crail
Crail Community Council raised £10,000 to fight the appeal amid access and traffic concerns.
The only route to Crail Airfield is via a cul-de-sac, passing through Denburn Narrows, a traffic bottleneck with narrow pavement.
Community council chairman David Jerdan says members welcome the appeal outcome.
And he added: “We hope this is the end of the matter.”
Despite this, locals are still keen to see the airfield developed.
Mr Jerdan said: “We hope another developer will come along with a broader vision and a plan which will bring real benefit to our community.”
Sarah Morrison, vice-chair of Crail Community Partnership, added: “The old airfield has turned into an eye-sore and developing it could benefit Crail greatly.
“We need a plan for the site which allows proper access and delivers sustainable benefits to all those who live in Crail as well as to visitors.”
Crail Airfield appeal decision ‘a missed opportunity’
The proposed development would eventually have included a hotel, museum and market place.
And it was recommended for approval by Fife Council planners in September.
However, councillors went against their advice given the site access concerns.
Mr Mackenzie added: “We are disappointed by the reporter’s decision, which we feel represents a missed opportunity to attract significant investment to the East Neuk together with Fife as a whole.”
He said it would have created employment and secured a sustainable future for the site’s historical assets.
But creating a new access route would have involved “complex negotiations” with third-party landowners.
Conversation