The Royal Borough has said it is aiming to end a development agreement with ING after outline plans to redevelop Maidenhead to centre were refused.
The £152m Kings Triangle scheme for the key town centre location, bordered by King Street, Queen Street and Broadway, was turned down by council planners who felt it would not deliver the regeneration the town centre required.
The council is now awaiting formal confirmation from ING about whether it intends to appeal against the refusal.
If it does not appeal the council says it will move swiftly to wrap up the development agreement it has with them and move on to explore more options for the site.
Cllr MJ Saunders, cabinet member for planning and property and lead member for Maidenhead, is involved in the discussions.
He said: "There are always complications in a deal of this sort and we need to manage these in a fair and reasonable manner and look to the future. This will take a few weeks but I'm confident that we will soon find a way forward."
Bob Dulson, chairman of PRoM (the Partnership for the Rejevenation of Maidenhead), said: "The triangle is an essential element of the plans for the town centre. We have to get it right. It's sad that so much effort came to nought but the level of interest in our other opportunity areas suggests it won't be too long before we're back on course with a scheme we can all be proud of."
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