The first building is going up on a 120 hectare business park north of Hamilton.
The Te Rapa Gateway Industrial Park stretches from Wairere Drive to Ruffell Rd, running alongside the Waikato Expressway.
Construction of a building for Norman's Transport & Storage began last month. More projects should follow later this year.
"It's quite exciting for us to see something coming out of the ground," said Radley Clarke, Te Rapa Gateway's sales and marketing co-ordinator.
The park is comprised of two blocks of land, the north and south precincts.
Norman's occupies a 1.3-hectare lot in the south precinct, which is owned by a group of investors.
The north precinct is owned by Porter Group, which will be moving its headquarters from Te Rapa Rd to a 15ha site in the industrial park.
Mainfreight will also build a transport and storage hub in the north precinct, and Hynds will build a depot on a 8000 square metre site in the south precinct.
"We're hoping to attract a good cross-section of businesses," said Clarke.
"We are dealing with a number of national companies who are expressing interest in the site."
The south precinct has 92 sites, 29 of which are ready for building.
Five sites have already been sold.
The park has a council-approved comprehensive development plan, which means industrial activities are automatically consented.
Clarke said the sites have been mapped out, but boundaries can be moved or titles combined if required for the buyer.
A main advantage of the park is its location with access from the expressway and proximity to the Base and residential areas, he said.
A new road, Arthur Porter Drive, runs through the subdivision, and Clarke said it could also benefit from a proposed public transport hub on the other side of Tasman Rd.
"People who are working in our subdivision will have good access to public transport, which is pretty important."
The park will have a rail siding, and Clarke said KiwiRail had confirmed there was a possibility to provide two more rail sidings.
Clarke said Te Rapa Gateway was doing its part for the environment.
One initiative is the park's own stormwater treatment system. All water goes into vegetated swales where the dust and dirt settles down. Overflow goes into two "treatment wetlands", then eventually overflows into the Hamilton stormwater system.