More than 1,000 new jobs will be created at the site of the old Rolls Royce factory in Bootle.
A 52-acre large-scale logistics and manufacturing hub called Atlantic Park is being built on what was the former home of Rolls Royce Engineering works.
It sits within the Port of Liverpool Freeport zone and is projected to inject £62.9m into the local economy with 1,125 new jobs, developer Royal London Asset Management has said.
The developer said 685 jobs are also expected to be generated in the local area, alongside £1.2m in annual business rates for Sefton Borough Council.
Mayor Steve Rotheram said: “There were parts of our city and city of region that were post-industrialised wastelands, and that was the bad old days.
“What you’re seeing now is the resurgence of Liverpool and our city region as somewhere that investors’ private sector money wants to come in.”
He added: “The the one thing that is in very short supply at the moment, the one commodity that we need more of is ‘hope’.
“Now we’re seeing the tangible result of a lot of work, of a lot of planning, of a lot of determination by some brilliant people.”
The second phase of the Atlantic Park construction project is expected to be completed in by next summer.