South Dublin County Council has agreed to sell 48 acres of land, which is intended to be turned into a large scale TV and film production facility.
The sale of the land at Grange Castle Business Park will generate €26.4m for SDCC, with the buyer Lens Media expected to invest an initial €125m into the development of the site.
It plans to build 12 state-of-the-art sound stages, 100,000 square foot of workshop space and 100,000 square foot of office space.
The construction will create up to 1,500 jobs, while the finished facility could employ 1,800 people directly.
"The economic impact of this decision will be enormous in terms of jobs created and the revenue this will generate for South Dublin County Council to reinvest in the county," said South Dublin County mayor, Cllr Vicki Casserly.
A spokesperson for Lens Media said the new media park would be a "world-class facility" that will "help propel Ireland into a major world-class player in the screen creative industries".