The Bradley County Commission has voted to purchase the former American Uniform property for housing a school and a STEM hub.
The sale price was $2.2 million.
It is currently owned by Chattanooga businessman Larry Armour.
Commission Chairman Louie Alford said in a letter to Cleveland Mayor Tom Rowland, "We believe it will provide industry with an opportunity to work with our Bradley County School System to equip our students with the necessary career skills to graduate one day and step into a skilled industrial position the next day.
"The scope of this project is not limited to just our Bradley County students or our local industry, but to our region as a whole."
He added, "We hope you, Cleveland City Council and Cleveland City School Board will share our enthusiasm and our eagerness to catalyze a change in the way we educate and equip our students for their futures."