A function today at a private industrial area belonging to Highlands Motorsport Park near Cromwell will mark the start of a new construction phase at the venue.
Ground will be broken at the site, where 24 of the 44 sections available have been sold, and building on them will be able to begin.
Highlands business development officer Josie Spillane said only members of the motorsport park could purchase a section in the park.
To become a member, a person had to pay an entry and annual fee.
However, because the 125 memberships were ''sold out'', people could now buy a section at the park and have a membership included in the purchase.
Ms Spillane said a motorsport academy, a brake manufacturer, and a company developing fuels planned to establish themselves at the site.
Twelve apartments were also to be built.
She did not know how many of the 24 sold sections would become businesses, but said they would create jobs.
Some occupying the sites would bring staff with them, but others would employ local people, and construction would also create work.
No retail businesses could be set up in the park due to an agreement with Highlands, which operated the motorsport park, motorsport museum and other businesses on the property.
At the event today, the name of the site would also be changed from the Highlands Industrial Park to the Highlands Innovation and Technology Park.
