The £9.4 million scheme secured approval from top politicians in charge of the Glasgow City Region City Deal.
It aims to make Inchgreen a training facility for the fishing industry, a facility for building fishing boats, a fish processing plant and a marine manufacturing facility. Heavy marine operations will also take place on the site.
Councillor Jim Clocherty, Depute-Leader of Inverclyde Council, said, "Inchgreen is a vital strategic asset. There is a growing demand for modern industrial premises with access to a deep-water quay and today's decision will enable us to capitalise on its unique location and facilities.
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"While it's very close to the A8, there's currently a lack of infrastructure including links to the wider road network.
"By working in partnership with the site's owners Peel Ports, Inverclyde Council can help bring in the necessary public/private investment to transform a derelict, under-used site into a sought-after, state-of-the-art, deep water industrial facility. The lasting dividend for local communities in Greenock and Port Glasgow will be permanent jobs across a wide range of trades."
Peel Ports chief executive Mark Whitworth added: "Today's announcement is the culmination of months of hard work and commitment by ourselves and our partners at Inverclyde Council. Everyone involved in this project wants to see Inchgreen resume its role as a thriving industrial and maritime site which supports hundreds of skilled, permanent jobs.
"This is a huge step forward in realising that dream, but we must ensure we maintain and build upon this momentum in the months ahead and we look forward to playing a leading role in what is an exciting and vital development."
(CM/JG)
