The North West Regional Science Park will be based on the former military site at Fort George. This will be the first 'hub' outside of Belfast following the success of the Science Park based at the Titanic Quarter.
The development is part of a cross border project in conjunction with the Letterkenny Institute of Technology.
The North West Regional Science Park will occupy a gateway site at Fort George, will capitalise on the Kelvin link and will underpin the developments at the University of Ulster at Magee with the focus on digital technologies and Science Technology Engineering and Maths (STEM) subjects.
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Mr Eastwood said: "This is a boost for the North West. This development will not only revitalise and regenerate the former military site at Fort George but will provide high value employment in the North West and help attract investment in the digital economy. It’s worth noting that planning was delivered in little over three months.
"Obtaining planning permission is the first key milestone for a development that will among other things, support business start-ups and self-employment in digital media and the high-tech sectors.
"This represents a real step forward in the regeneration of the City of Derry and a welcome first phase in the development of Fort George.
"We are determined that the Planning Department makes decisions swiftly particularly those decisions where job opportunities are at stake. However, this is only after giving careful consideration to the individual merits of each case."
(CD/GK)
