THE £9.1 million transformation of part of the former Mackie's site in west Belfast will support up to 400 jobs, Belfast City Council has said.
It plans to build a new innovation centre at Forthriver Business Park to provide support to more than 100 businesses and entrepreneurs.
Around half of the money for the project - £4.15 million - is to come from the European Regional Development Fund while Invest Northern Ireland has added another £2.1m with the rest made up by the city council.
It is the first development announced for the 12-acre former Mackie's plant, on Springfield Road.
Work on the 55,000 sq ft centre is expected to complete next summer.
Belfast lord mayor Arder Carson said he was "excited" by the opportunity.
“Belfast has a rich history of innovation - air conditioning, the pneumatic tyre and defibrillators were all invented here - but today’s entrepreneurs lack the purpose-built space needed to develop their own world-class ideas. This investment will bridge that gap, providing dedicated support and facilities for the next generation of ‘bright sparks’ across a range of sectors, all within a stone’s throw from Belfast Met’s E3 campus and only 3km from the city centre," he said.
Head of Invest NI Alastair Hamilton said it was "a significant project which has the potential to stimulate investment in the area and act as a catalyst for developing the wider site around Forthriver Business Park".
“Once open, the new innovation centre will not only provide an attractive meeting space for entrepreneurs and growing businesses but create opportunities to foster a culture of entrepreneurship among young people in the local community," he added.
