Construction of the CTEK II building in Carrickmacross is hoped to get underway later this year.
In April last year, €3.1 million was announced for the south Monaghan enterprise and co-working hub.
It's estimated that 40 jobs would be created by the opening of the building, following the success of the sister site, the CTEK I.
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It's expected that construction of CTEK II will be begin in the third quarter of 2022, and be completed by the end of 2023.