Two UK property development companies have signed deals to invest £14m in Clyde Gateway East business park in the east end of Glasgow.
SCOT Sheridan and MEPC will build industrial units on the site and aim to support 700 jobs.
The brownfield site extends to 36 acres four miles south-east of the city centre, near the newly extended M74.
The site, which has lain undeveloped for almost 40 years, has planning consent for business, storage uses.
A planning application has been lodged, with an anticipated site start of September 2011 and completion by April 2012.
The decision by Clyde Gateway to buy and develop the site was linked to the proximity of Junction 2a of the completed M74, which opened last month.
The total cost of the final development of Clyde Gateway East has been estimated at £35m, and the masterplan for the site has identified the potential to accommodate up to 1,350 jobs.
SCOT Sheridan director David MacLachlan said: "The fact that we are building on a speculative basis shows our strong belief that the site has the potential to attract leading businesses and hundreds of jobs and will play a significant role in the regeneration of the area."
Clyde Gateway's executive director of development Steve Pritchard said: "This investment by is the most important day so far in Clyde Gateway's three-year history.
"Our vision and ambition for the area can only be achieved if the private sector is willing to back our judgement and bring investment to the various development opportunities we are delivering to the market."
The Clyde Gateway Urban Regeneration Company (URC) was established in December 2007 as a partnership between Glasgow City Council, South Lanarkshire Council, Scottish Enterprise, with funding from the Scottish government.