Plans to develop the £67 million i54 technology park on Wobaston Road, in Wolverhampton, have won a winning vote from business leaders.
Around 50 people attended Dunstall Park Racecourse for a special presentation of plans to develop the 220-acre site into a flagship technology park, creating or safeguarding around 6,000 jobs.
It is owned by regional development agency Advantage West Midlands and the scheme is being developed in partnership with Wolverhampton City Council and South Staffordshire Council.
Peter Barclay, Wolverhampton president of the Black Country Chamber of Commerce, said: "We are very supportive of the initiative and enterprise being generated by public and private sector stakeholders to make the i54 project a reality.
"This is a massive scheme for the Black Country, involving significant changes in infrastructure that private companies would find impossible to finance without the help of Advantage West Midlands.
"Public sector money is being spent wisely for the benefit of the community at large - at i54 we are witnessing the creation of a modern business environment for the employers and employees of the future."