The club have been given the go-ahead to begin construction on the project over five years on from submitting their initial application.
The club, who have an agreement with Arsenal to stage development and ladies’ matches at Meadow Park, will also build Premier League-Standard dressing rooms.
Chairman Danny Hunter is excited by the news and knows that good things come to those who wait.
He said: “In all honesty, five or six years ago, we had an idea that I shared with the borough council hierarchy, on how we could perhaps try to improve things locally in regards to the club’s community footprint.
“It always hinged in all honesty on if I could find a budget, that could somehow put us into the National League, and if I managed that, would it perhaps increase third party spend through increased home support and increased away supporters visiting our town for Boreham Wood, Arsenal Development and Arsenal women’s games.
“So, winning the play-offs, getting into the National League four years ago and subsequently going to Wembley last season, has obviously helped enormously – as it has helped me raise our profile locally and raise people’s awareness within our wider community of what we do.”
He added in a statement: “I believe the general public’s interest in their local club is growing, our higher profile will help with that and the money that my investment and our club now brings into our town, and the employment it now offers local people will benefit everyone.
“While, our new school’s programme and our newly created charitable trust will in regards to our community programmes and local initiatives prove to be a big plus for everyone local, but especially the kids.”