The demolition of the old station sparked protests
Part of Derby's long-delayed city-centre Riverlights project has again been put back due to uncertain economic conditions.
The £100m scheme includes a new bus station and hotels but the developer wants to delay indefinitely plans for offices and residential space.
Turmoil in the global financial markets has made investment more difficult, developer Derby Riverlights Ltd said.
City councillors have agreed in order to allow the bus station to go ahead.
The developers and city council have said the bus station is still due to open in September 2009.
The redevelopment of the bus station and the associated Riverlights scheme have been on the drawing board for more than a decade.
The old bus station was closed in October 2005 after months of protest by some local residents who wanted to preserve the Art Deco building.
It was eventually demolished in 2006, leaving bus passengers using stops on the main road.
City council leader Hilary Jones said: "We need a bus station and we have been waiting for one for a very long time.
"I think the people of Derby have had enough and we owe it to them to get it moving."