Work could start on Derby's troubled £83m Riverlights development next month, after it has been taken over by a new firm.
The scheme to revamp the bus station and surrounding area is now being run by Riverlights Limited after MetroHolst went into administration.
City council officials now expect the delayed scheme to pick up speed.
The authority's leader, Chris Williamson, said he was hopeful the company would make "rapid progress".
Some opposition
The project which includes a bus station, shops, bars and offices, is designed to regenerate the area.
The project has faced opposition from some members of the public who want to save the 1930s Art Deco bus station.
Dorothy Skrytek, 44, a member of the Derby Bus Station Action Group, spent four months in a caravan on the top of the bus station in protest at the plans.
Council leader Chris Williamson said: "This is a company that is very serious, they have substantial resources behind them.
"We are very hopeful they will make rapid progress and the demolition hopefully fairly soon and construction should begin before the end of the calendar year."