Aller Cross near South Molton has been chosen as the site for a proposed new tourist centre.
The North Devon Showcase could include restaurants, exhibition and conference facilities, as well as an outdoor activity centre.
The centre would promote attractions, businesses and local food.
It has been selected because it is a gateway to the area before the road network divides towards Exmoor, north Devon and Torridge.
Councillors from Lynton, Lynmouth, Ilfracombe and Combe Martin had been lobbying for the Aller Cross site over rival sites in Barnstaple and Bideford. The project was started by the North Devon Economic Partnership, but it is now being led by the Castle Hill Estate, which owns the land at Aller Cross.