St Modwen is to build a 35,000 sq ft business incubator centre aimed at new technological companies as the first part of its £25m Evolution Park, in Blackburn.
The Innovation Centre will provide suites of between 225 sq ft and 2,000 sq ft and will have capacity for up to 79 businesses.
St Modwen has also started on site with a 17,250 sq ft office building aimed at more established businesses requiring grow-on space.
Both buildings, next to Blackburn Royal Infirmary near Junction 5 of the M65, will be ready for occupation in August 2008.
Evolution Park has consent for 250,000 sq ft of business space.
St Modwen said it will roll out a series of innovation centres as part of its national regeneration programme.