The building was in use as a power station until the mid 1940s
A Victorian power station in east London, which now houses a bar, has escaped demolition after a developer revised its plan following a campaign.
The Light building on Shoreditch High Street was to be demolished as part of a £500m Bishops Place project.
Developer Hammersons said the landmark has been included in the "challenging revision plan" which is being drafted.
Campaign group Open Shoreditch said the recession forced Hammersons to "enter into a dialogue" with the community.
The 1880s building provided lighting for Great Eastern Hotel and later Liverpool Street station and Bishopsgate Goodsyard until the mid 1940s.
Open Shoreditch, which has campaigned since January 2008, succeeded in having the building included in the Shoreditch conservation area this February.
Rebecca Collings, from Open Shoreditch, said the campaign to have a say in the regeneration will continue.
"There shouldn't be any random permission given but a joint community-based master plan which creates a vision for the whole neighbourhood," she said.
"The economic situation has made them (Hammersons) less aggressive and enter into a dialogue."
Managing director of Hammersons Martin Jepson said: "Following the local campaign to preserve the Light Bar building, we are currently in the process of preparing amended proposals for our Bishops Place regeneration project."
James Goff, one of the owners of the Light Bar, said: "It was very important to Shoreditch in the Victorian times and actually the Shoreditch motto used to say 'More light more power'".
Several celebrities, including artist Tracey Emin, had backed the campaign.
The developer had planned to build a 50-storey tower to house a hotel, flats and office space.