Burnley Council is looking for a development partner after granting outline planning permission for Burnley Knowledge Park on a vacant brownfield site on the edge of the town.
The five-acre site is being delivered through a partnership between the North West Regional Development Agency (NWDA), Burnley Borough Council, Burnley College and the University of Central Lancashire (UCLAN).
The proposals include 130,000 sq ft of B1 business space, parking and ancillary uses.
The site is next to the new £84m Burnley Education Campus developed for Burnley College and the Burnley UCLAN campus.
The council hopes to attract spin-out companies to the managed workspace, but there will also be several self-contained units available to existing firms.
Adam Lockett, a development officer at the council, said: "We are now concentrating our efforts on finding a development partner to work with us on this exciting scheme. Documents are currently being developed that will help us deliver the scheme, and we are looking forward to moving onto the next stage of this project."