New life is to be breathed into the former Coalite site - creating hundreds of jobs.
Property development and investment firms St Francis Group and iSec will build five industrial warehouses at the sprawling location off Buttermilk Lane, Shuttlewood.
According to St Francis Group, work will start immediately after planning consent was granted - and occupiers should be able to start moving in during 2021.
The old Coalite site, which has lain derelict since 2004, has been dubbed an eyesore and health hazard by residents.
Gareth Williams, development director at St Francis Group, said: "A considerable amount of time and effort has gone in to ensuring that this development will meet the very high standards expected by today's occupiers.
"The units will sit in a high-quality environment only minutes from the M1."
The developers have also submitted a planning application to North East Derbyshire District Council seeking permission to build two more units on adjoining land.
If that application is approved, the development would deliver total space of 1.32 million square feet and also see upgrades to surrounding roads.
D2N2 is investing £5.79million from the Local Growth Fund into the regeneration scheme.
D2N2 is the partnership between local authorities and private sector businesses tasked with stimulating the economies of Derbyshire and Nottinghamshire.
A D2N2 spokesperson said: "The D2N2 funding will support work to remove chemical contaminants from the site, necessary in order to develop it.
"The scheme will eventually be home to hundreds of workers.
"The developers have said they are now working with community leaders to make sure the new business park provides a broad range of jobs across the manufacturing and technology sectors."