Property group Goold Estates has secured planning consent for the regeneration of a vacant brownfield site.
The project will deliver 166,500 sq ft of new industrial and distribution accommodation, to be built speculatively on a 12-acre plot at the Bilston Urban Village employment site.
Known as Foundry Park, the scheme will comprise 15 new environmentally sustainable warehouse units ranging in size from 2,500 to 60,000 sq ft.
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Goold Estates is the City of Wolverhampton Council's chosen developer for the project and purchased the land from the council.
Foundry Park represents the final phase of construction work at Bilston Urban Village, with a gross development value of £28 million and the potential to create up to 300 new jobs when complete.
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Remediation work is expected to start shortly, with the main construction following in 2025.
Dominic Goold, managing director of Goold Estates, said: "As a locally based developer, we're excited by the challenge of regenerating a derelict brownfield site that will bring economic and environmental benefits to Bilston. We know the regional market very well.
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"We have delivered a similar multi-unit employment development in Wolverhampton which is fully let and believe that Foundry Park will attract a high calibre of occupiers.
"This is a site with a complex industrial past which has been vacant for more than 15 years so we've had to make a significant investment in planning the extensive remediation that will be required before building the scheme. We now look forward to starting the remediation works."
Cllr Stephen Simkins, City of Wolverhampton Council Leader, said: "This has always been an important site in our overall economic strategy for Bilston and now planning approval has been granted we can look forward to Goold Estates bringing forward another exciting development on brownfield land in Wolverhampton.
"It is a further milestone for Bilston Urban Village where we have realised our vision of creating hundreds of new affordable homes for families. With that we need more good jobs."