Councillors have given the go-ahead to a scheme which it is claimed could bring 1,000 jobs to the former Samsung site on Teesside.
The Samsung plant closed with the loss of more than 400 jobs
Samsung closed its factory last year with the loss of more than 400 jobs.
Under existing planning conditions the site, near Billingham, could only be taken over by an electronics company.
Developers, Wynyard Ltd, said they had lined up several interested companies and on Wednesday Stockton councillors relaxed the restriction.
Other developers in Teesside had challenged the plans, and a 15-page objection was submitted by Cameron Hall, which owns the business park next door.
However, Chris Musgrove, managing director of Wynyard Ltd, said: "There is a massive amount of commitment to what we are trying to do for this area.
"We've committed our own money to the site and haven't spent a shilling of taxpayers' money."