The council had been seeking funds to develop the site, but was unable to secure funding through the UK Government's levelling up scheme.
The council has now launched a search for a suitable developer to work alongside them to provide funding, planning, construction and marketing of the project.
The site already holds planning permission and the council remains confident in its ability to develop the site.
Members within the council feel the site's proximity to the M62 as well as the nearby town of Brighouse would make it an attractive prospect for developers.
Additionally, they believe there are a sufficient amount of businesses that would be willing to move to the site once work is complete.
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The tender process is expected to take place throughout the remainder of this year with reports about the next steps for the scheme set to be discussed by the council in early 2024.
Commenting on the plans, Cllr Jane Scullion, Calderdale Council's Leader, said: "We want people to feel pride in the place where they live and do business, and a key part of this is the Council's commitment to support all parts of Calderdale to thrive. We also want to build on our borough's strong contribution to the wider West Yorkshire economy.
"The proposed Clifton Business Park – a major regeneration project – aims to do just that. It's an example of our ambition for Calderdale, and our aim to make things happen in line with our Vision 2024 for Calderdale and the Local Plan.
"The site has the potential to create 1,300 high-quality new jobs for Calderdale and West Yorkshire, attract significant investment and new businesses into Brighouse, support our inclusive economic recovery through sustainable development, and add to local climate action through new walking and cycling routes, trees and plants.
"So, we're being bold and saying Clifton is worth investing in. We're determined to make the Business Park a reality through an enterprising new route, exploring the option of bringing in an external partner with expertise in moving sites like this forward."
