The Newport Innovation Park development (NI Park) comprises 25 acres just outside Newport which will be developed into a hi-tech employment site and eventually support hundreds of new jobs.
Many of those jobs will likely be in the agri-tech sector, because of a partnership with nearby Harper Adams University.
The park is a key element in the Newport Innovation and Enterprise Package, which secured £6.36m funding from the Marches Local Enterprise Partnership under the Local Growth Fund, matched by investment from Telford & Wrekin Council.
Borough and town councillor for Newport, Tim Nelson, said the progress is welcome and that the key priority for the site must be creating jobs.
He also pointed to the major Microsoft research centre in Cambridge as an example of pioneering technological communities springing up in new areas.
Learn more about the NI Park at enterprise-telford.co.uk/land-property/nipark.