Its business case has now approved by the joint committee for the Edinburgh and South East City Region Deal.
The Central Borders Innovation Park evolved out of a wider masterplan for Tweedbank to maximise the economic impact of the Borders Railway. It outlined several proposals to encourage people to live, learn, visit and work in the Borders, as well as attract inward investment through public and private sector funding.
Funding towards the project has already been committed by Scottish Borders Council, Scottish Enterprise, Borders Railway Blueprint Group and City Region Deal.
The City Region Deal is an agreement between the Scottish government, UK government and local governments to support transformative change and deliver inclusive economic growth across the region. The deal will invest £1.3bn across Edinburgh and the South East of Scotland and contribute to the creation of 21,000 jobs and improve the skills of an estimated 14,700 people.
Councillor Mark Rowley, Scottish Borders Council’s executive member for business and economic development, said: “The Central Borders Innovation Park will create skilled employment opportunities through the creation of much-needed high quality office and industrial space. This will maximise the potential of the Borders Railway, which strengthens the case for its extension, and will encourage business start-ups, long-term growth and business moves to a location with excellent transport links.
“The funding from the City Region Deal is the final piece of the jigsaw for this project, and with work already underway on the ground, I look forward to the first long term jobs being created soon.”