The green field site, just off the Omagh throughpass, is beside the existing Gortrush Industrial Estate.
The developer of the new site is Kevin O'Kane, an Omagh-based businessman with various commercial property interests.
Mr O'Kane lodged an outline planning application in April 2007 and approval was granted on Monday.
Les Ross, the principal of Ross Planning - a specialist town planning consultancy office that is working on the plans - said it was a great opportunity for growth in the town.
He told this week's Tyrone Constitution: "The principal concept behind the proposal is to attract businesses operating in the hi-tech industries; accordingly some 150,000 sq ft of floorspace is provided for business use.
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"Buildings of a contemporary architectural design are proposed onto the main road to ensure that the site gains recognition as a landmark business centre for Omagh and the wider regional area.
"The Park will take a new access directly off the A5 throughpass. Within the site there will be tree-lined boulevards and attractive landscaped spaces to create the type of environment demanded by modern business.
"At the centre of the new park is a hotel complex that will be specifically aimed at attracting business travellers and providing conference facilities.
"It was considered important to ensure that a range of business types can be accommodated within the site, therefore the approval includes an additional 120,000 sq ft of floorspace for more traditional types of industries and business users," he said.
Mr Ross said the application process was relatively long and complex due to a number of planning designations and roads constraints on the site.
He said: "I would like to pay special tribute to local politicians and the officers of Omagh District Council who worked alongside the design team throughout the planning application process.
"We would also like to thank Planning Service and Roads Service for their diligent professional attitude in dealing with the application.
(BMcC/GK)
