Regional Minister Ian Austin (left) visited on Monday (pic: AWM)
The former Jaguar site at Browns Lane in Coventry has been partly bought by regional development agency Advantage West Midlands (AWM).
AWM said its £9.8m investment would include preparing roads and utility supplies for the whole site.
New plans for the site are focused more on manufacturing and office use rather than large-scale distribution, it said.
The agency added a planning application would be submitted soon to Coventry City Council.
Mick Laverty, chief executive of Advantage West Midlands, said its intervention at Browns Lane was "a direct response to the economic downturn".
He added: "In better times the market would have sustained the development."
The agency said it was working with Australian property company Goodman, which also partly owns the site.
AWM added it would be ensuring work progresses with the preparation of on-site infrastructure.
Mr Laverty said: "This will help attract the right businesses and employers, ensuring the site realises its potential to create more than 2,500 high value jobs.
"The remediation work itself will also keep people in jobs, while the development of the site will help to address the shortage of employment land in Coventry."
Regional Minister for the West Midlands, Ian Austin, went to the site during a visit to Coventry on Monday.