Devon County Council and the South West of England Regional Development Agency have teamed up to bring forward a £120m science park near Exeter.
The regeneration agency has invested £19m to enable the council to buy the 58 acre site and to provide the infrastructure to open the planned Science Park by 2010.
Ian Thompson, area director for the South West Regional Development Agency, said: ‘The purchase of this land is of enormous strategic importance in the region.
‘This has been a top priority for the RDA and, by opening up the opportunity for the Science Park and future growth for Exeter, illustrates how we can work with partners to invest to unlock the business potential of the region.’
The land for the site was bought from Exeter-based property company Eagle One.
The partners are working with the University of Exeter, Exeter City Council, East Devon District Council and the Met Office on the scheme.
It will include a new hotel, offices, corporate headquarters buildings and support buildings. Subject to planning, construction is scheduled to start in 2009.