Peterborough City Council have revealed plans for the first phase of re-development at London Road.
The stadium was bought by the council from the club's previous landlords in an £8m deal back in January.
Plans have been unveiled for a new stand at the Moy's End of the ground to be constructed by mid-2012.
Andrew Edwards, from Peterborough City Council, told BBC Radio Cambridgeshire: "People are fed up with talking. We need to start delivery of the ground."
The re-development of the Moy's End represents the first stage in the process of turning London Road into an all-seater stadium.
The project is set to be funded through a combination of a central government grant and private finance and will include a new further education facility.
"The development has to be aimed towards the community and financially sustainable. We couldn't have the project becoming a burden on the taxpayer," Edwards said.
The further education facility - known as a STEM Centre - will be accessible to education providers across the city.
"STEM Centre stands for science, technology, engineering and mathematics and we are talking to various groups about using the space we will be creating," he said.
Plans are set to be submitted before Christmas with demolition work on the current stand beginning in the summer of 2011.
August 2012 has been pencilled in as the completion date for the project, although the timescale is currently provisional.
During the work Posh chairman Darragh MacAnthony hopes to reduce the rent payments to the council to compensate for the temporary reduction in the ground's capacity.
"We're hoping to be in the Championship next season, in the Championship you look to do seven, eight, nine sell-outs," he said.
"Not having those few thousand standing areas available that season is obviously going to costs us financially big time.
"Those discussions are ongoing and they'll be quite strong nearer the time."
The League One side's chief executive Bob Syms went on to confirm that the club are working in full-partnership with the council.
"I would like to thank the City Council and its business partners for all the help and support they have given in making this Phase One project happen," he said.
"The football club will be involved with the new partners in an ongoing capacity that will be of benefit to the community and hopefully our supporters as we move forward.'