IT Tralee has confirmed that plans to acquire the Kerry Technology Park are progressing.
At a board meeting of the Higher Education Authority, the Institute received approval to proceed with the acquisition of the Park in partnership with Kerry County Council.
Kerry County Council says the plan is one of the most strategically important economic initiatives being undertaken by the council – in partnership with the ITT – this year.
Once acquired, the Kerry Technology Park will be jointly managed by the ITT and Kerry County Council.
The facility is home to 17 companies, employing over 250 people.
According to IT Tralee the next six months will see an investment of over €19m in the capital infrastructure of the ITT/KTP North Campus.
This investment will see the construction of the ITT €15m Sports Academy.
The IDA has also submitted a planning application for the construction of a 25,000 sq ft advanced technology building at the technology park which will see the creation of 70 construction jobs and a business location for an international client that could create up to 300 jobs.
The announcement has been welcomed by Minister Jimmy Deenihan.