Coast To Capital, the local enterprise partnership (LEP) for West Sussex, Croydon, Brighton and Hove, Lewes and the Gatwick Diamond, which will fund the development, hopes it will attract further investment to the area.
The project marks the first time the LEP has drawn money from the Government's Growing Places Fund, which aims to boost economic growth and create jobs and homes.
Coast To Capital has £23 million of Government funding and expects to announce further loans to public and private sector organisations shortly.
Its chief executive, Ron Crank, said: "Our aim is to remove blockages that are preventing development and private sector employment. This is one of Coast To Capital's major strategies."
Tim Wates, vice chairman of Coast To Capital and chairman of the Growing Places committee, said: "This project is typical of those in which we would like to invest.
"We are looking for both the private and public sector to come forward with innovative projects that will provide employment in the area."
David Smith, office manager of Coast To Capital, said: "The whole essence of doing this is to create jobs. That's our big target and the first box that has to be ticked."
Geoffrey Bowden, chair of Brighton and Hove City Council's economic development and culture committee, said: "It's great news, which we've been lobbying for."
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