The old LGP airport is being eyed to be a master-planned community which will be the site of the Regional Government Center Phase II, convention center, hotels, condominium units, offices and other establishments.

The proposal is patterned on the conversion of the old Iloilo City Airport.
It should be noted that the Old Legazpi City Airport had been formally vacated on October 7, 2021 with the opening of Bicol International Airport in Daraga
The old Legazpi Airport has a total land area of 74 hectares with which its runway alone measures 2.28-kilometers long and 36-meters (12 lane) wide. This prime lot has an elevation of approximately 25 feet above sea level and stragetically located between the densely-populated Legazpi City (Old Albay District, Legazpi Port District, Rawis-Regional Center Site) and Daraga, Albay. At the backdrop is a perfect view of Mayon Volcano, Ligñon Hill and Legazpi-Daraga highlands.
Source and picture credits here