Kingdom Park, on the edge of the A92, has sat empty since Kirkcaldy councillors signed a legal agreement with Murray Estates in 2012.
But now the first steps appear to have been taken to deliver the development which will see 1000 homes built alongside a new school, retail and a community centre.
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The £500m project will take some 20 years to complete, but the arrival of construction vehicles on the site this week has given locals hope it will now happen.
The development was seen as a key component in the regeneration of the Gallatown and Boreland areas.
In 2012, councillors signed off a legal agreement with Murray Estates.
The aim was to expand Kirkcaldy towards the Redhouse roundabout, making full use of land which had been mined and then restored.
It would create a huge new residential estate, with major improvements planned for roads to cut congestion at the busy Redhouse roundabout.
But, since then, little has happened.
Planning permission was granted in 2014, and work was due to commence within 12 months.
Then, it was reported that Murray Estates would invest approximately £77m over the course of the 15-20 year project in 817 private housing units and 273 affordable homes.
A neighbourhood centre including shops and a community facility will also be provided, representing a further investment of over £7m.