The Aerohub business park at Newquay Airport is set to receive £6m for the first phase of the project.
The hub is part of Cornwall's new enterprise zone, which is dedicated to the aerospace industry.
The money will come from the Homes and Communities Agency and the European Regional Development Fund Convergence programme.
The development is predicted to create 2,500 jobs and construction is due to begin in October.
Business Secretary Vince Cable said: "It's a remarkable facility, we think about 700 new jobs could be created by this investment, its badly needed in this area.
"It's a really successful development."
Companies choosing to develop at the Aerohub will be offered tax breaks and planning regulations will be eased.