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A South Tees Development Corporation site in Redcar is to be transformed into a new industrial quarter.
A government investment of £14 million has been confirmed to help bring the work forward in the first quarter of 2019.
Work to establish construction access and utilities, a new spine road and roundabout will begin shortly with new commercial tenants expected on site from 2021.
When complete, the quarter will help create 500 new jobs and attract over half a billion pounds of private sector investment.
Northern Powerhouse Minister, Jake Berry MP, met Tees Valley Mayor, Ben Houchen at the South Tees Development Corporation site in Redcar, today, 07 January, to celebrate the progress.
Jake Berry MP said: "Our investment of £14 million in the South Tees Development Corporation demonstrates this government's commitment to building a stronger more resilient economy in the Tees Valley and across the Northern Powerhouse.
"This government is firmly behind the Tees Valley, and I'm determined to ensure its people get the most out of the exciting growth opportunities available on their doorstep.
"It's a further demonstration of how we're helping to build a new golden era for the North East as part of our Industrial Strategy, and ensuring the Tees Valley is truly open for business as we are set to leave the European Union."
Tees Valley Mayor and Chairman of the South Tees Development Corporation, Ben Houchen, added: "Government has committed £137 million to the Development Corporation over the last year, and this latest £14 million funding is vital to kick-start immediate work to redevelop land to help spearhead the transformation of the area.
"These huge schemes will deliver hundreds of quality jobs for local people, drive growth for the Tees Valley economy and continue our history of manufacturing excellence.
"This £14 million shows government is continuing to listen to us and this is another step closer to the Development Corporation becoming a massive success story for not just the North East but for the UK."
(CM/MH)
