Two thousand jobs are to be created at a new development located only a few miles away from MG Rover's mothballed factory at Longbridge.
Solihull councillors have given the green light for the new business park - called The Green - which is located on the former 57-acre TRW Automotive site off the A34 Stratford Road, Dog Kennel Lane and Blackford Road.
Partners Opus Land and Frontier Estates, the two Midland firms responsible for the huge Hub project in Birmingham, last night said they intended to start development of The Green later this year with financial backing from landowner Prudential.
It acquired the site for a figure in excess of £40 million last year. Solihull Council's planning committee has granted permission for the construction of 333,000 sq ft of office space at The Green, complementing existing buildings currently occupied by TRW Automotive and the Goodrich aerospace business.
An £8 million programme of infrastructure work needed to facilitate access to the business park from the A34 will soon begin.
It will be closely followed by the construction of a care home for the elderly - where, at least, 100 jobs will be created - and an Audi dealership and flagship regional centre, one of just five operated nationally by the German car manufacturer.
The scheme will also comprise a four-star hotel and conference centre and will have an end value in excess of £100 million.
Opus Land and Frontier Estates said that The Green will provide a "commercially viable and attracting working environment" for the growing number of firms looking for Grade A office space along the M42 high technology corridor.
But, with an estimated 2,000 new jobs in the pipeline, the scheme will also help to satisfy local employment objectives and aid the economic regeneration of the area.
Councillors hope The Green will reverse the decline of the site - a cause for concern among Solihull residents for some time.
Mark Burkes, of Frontier Estates, said: "Our application was supported unequivocally - the result of a rigorous public consultation exercise enabling us to accurately reflect the views of the local community in the composition of our final proposals."
Richard Smith, a director of Opus Land, added: "A variety of job opportunities will be created at The Green when it is completed - and it is conceivable that some of these positions could be filled by former MG Rover workers, who possess a wide range of the type of skills required by those firms who will be looking to locate to Solihull."
The Green will feature extensive landscaping, coupled with a fresh contemporary architectural style which will blend seamlessly with the existing buildings.
Tim Austin, of project managers Davis Langdon, added: "The Green lives up to its name with a design which optimises the retention of green space."
The Green is the second time that Opus Land Frontier Estates have formed a joint venture with Prudential.
In 2002, the partnership acquired the Hub, Birmingham, in the largest industrial deal that year.
The 95-acre former IMI site, between junctions five and six of the M6, will provide some two million sq ft of industrial and distribution development. Long term it will create some 4,000 jobs.