Planning permission has been granted to develop the former South West Film Studio site in Cornwall.
Carrick District Council approved the plans by St Agnes Properties for the multi-purpose development at Ocean Park on the outskirts of St Agnes.
The company said it would boost the county's creative industries sector.
"This is an opportunity to create much-needed employment and a chance to put Cornwall's film industry back on the map," director Chris Wason said.
South West Film Studios went into administration in 2004 and its former director, Alex Swann, was jailed in April last year for fraudulently obtaining nearly £2m in EU grants.
'Interested parties'
St Agnes Properties said it had already received enquiries about the proposed work/live units from people locally and nationally who are keen to establish themselves.
"We have had a number of serious enquiries about the work/live units which will ultimately provide a variety of benefits for St Agnes' and Cornwall's economy," Mr Wason said.
"We have been in negotiation with a number of interested parties in the film industry who are keen to establish themselves on the site."
Hi-tech film expert Peter Parks, whose owns Image Quest 3-D, is backing the development and has agreed to set up facilities at Ocean Park.
The provision of live/work units meets a government demand for councils to provide spaces to satisfy housing needs alongside developing businesses.
Some of the affordable residential units will be for local people.
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