Following more than three hours of debate the town's development control panel chose to delay the process by around two months to give developer ING Red UK (Maidenhead) a final chance to work on a number of flaws identified in the plans.
The panel, which met at the town hall, heard speeches from eight objectors to the scheme including Peter Sands from Maidenhead and District Chamber of Commerce and Nicholsons Centre manager Jane Wright.
Concerns with the plans have included a lack of adequate parking and the negative impact they could have on the High Street.
The panel then heard from three supporters of the scheme, including Raoul Veevers, the agent acting on behalf of ING. "The application is the greatest opportunity in decades to reverse the decline of the town centre," he said.
A letter from Maidenhead MP Theresa May was read out, in which she urged members to approve the plans.
"The Kings Triangle site is a crucial one for Maidenhead town centre," she said.
Following a lengthy debate - three separate motions were put forward, including one for approval, which was made by deputy council leader Simon Dudley (Con, Riverside).
This was rejected by seven votes to five. The councillors who rejected approval were: Clive Bullock (Con, Cox Green), Maureen Hunt (Con, Hurley & Walthams), Philip Love (Con, Belmont), Claire Stretton (Con, Boyn Hill), John Stretton (Con, Cookham), Leo Walters (Con, Bray), David Coppinger (Con, Bray).
A motion put forward by Cllr Claire Stretton (Con, Boyn Hill) to defer the application was then considered. The panel approved it by nine votes to three.
A new date for the consideration of the Kings Triangle plans has not been set yet, but panel chairman Cllr Derek Wilson (Con, Oldfield) said he thought it was likely to happen in February.
The Advertiser was tweeting live updates from the meeting on Twitter last night. Many reacted to the decision. Catherine Osborn - (@catherineosborn) said: "Shopping in Maidenhead not viable under current administration. Residents should vote for vision and leadership in next elections."
See next Thursday's Advertiser for reaction to the decision.
Comment: What do you think of the panel's decision? Leave your comments below.
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