Denbighshire council said the project could help regenerate Rhyl
A buyer has been found to proceed with an £85m development on the site of Rhyl's former funfair.
There were fears the Ocean Plaza project was in doubt after original developers, Modus Properties Ltd, went into administration in 2009.
Denbighshire council said it was keen to work with new owners, Yorkshire-based Scarborough Development Group.
The site has planning permission for 200 apartments, a hotel, supermarket and pubs.
The acquisition comes as part of a wider £200m scheme in which Scarborough is developing eight sites in places including Newport, Stockport and Wigan.
Managing director Mark Jackson said: "We are a new and energetic company backed by great experience and we are delighted to be one of the first companies to make a significant commitment to stepping back into development.
"The food store market is understandably proving to be one of the more robust in this recession, and is a great sector in which to be investing and in which to found our new business."
Jason Rockett, development manager, said: "We look forward to working with Denbighshire County Council, the Welsh Assembly Government and the local people to deliver this important mixed-use scheme.
"This major regeneration project can act as a catalyst to further development in the area stimulating economic growth and employment."
A council spokesperson said: "The council is keen to progress with the development of this key regeneration site and has aspirations for a mixed use development for the location.
"We are looking for a quality, well thought out development and we are keen to work with the Scarborough Group to implement the consent previously granted for this location and do all we can to assist.
"Given the prominence and importance of this site, a well thought out development would be a key contributor to the regeneration of Rhyl."
The town's once-famous funfair, which dated back to the 1890s, closed its doors for the last time in September 2007 to make way for the development.
Plans submitted in 2006 included an apartment complex, a supermarket and a hotel.
The plan also included shops, offices, cafes, restaurants and 10 wind turbines.