The 37.72 hectare site near Exeter Airport, which is owned by the County Council, is seen as a key employment site within the Exeter and East Devon new growth point.
The scheme on the brownfield site will potentially be a major contributor to the growth of the local economy, which could create up to 7,000 jobs in environmental technologies, ICT, food and drink, marine and manufacturing industries.
The Executive has already rejected a straight sale of the land. A corporate joint venture is seen as the best way to maximise the economic potential of Skypark, and would allow the County Council to have continued influence and involvement in its development.
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Councillor Humphrey Temperley, Executive Member for Strategic Planning and Regional Affairs, said: "It's worth noting how important this is to the Exeter economy. We're making a great deal of progress working with Exeter City Council and East Devon District Council to gradually put the pieces together to make the growth point work, and Junction 29 is close to resolution so that we will own the land to provide highway access.
"It needs to be the highest quality business park in the area to reflect our aspirations at the leading edge of sustainability and not following the pack. We're not only trying to achieve good environmental standards of today but also very good environmental standards of tomorrow."
The County Council's objectives for the site are to provide a vibrant business community that has a distinct identity but is sensitive to its surroundings and conserves and enhances the natural landscape.
The scheme will also aim to be innovative in terms of sustainability, while balancing social, economic and environmental aims, generating 20% of energy on site and achieving 25% lower CO2 emissions than required by current building regulations.
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