Peel has said it expects to complete the restoration of the Bascule Bridge on Regent Road in Liverpool by July.
The seventy eight year old Bascule Bridge was closed for repair in May 2008 and subsequently condemned due to corrosion.
Whilst the bridge has remained closed ever since, Peel, which are owners of the bridge, have been working closely with Liverpool City Council's heritage and highways departments to reach a solution to safeguard the landmark.
Peel said the bridge is the only surviving example of a rolling Bascule lifting bridge in Liverpool and is an integral feature of the Stanley Dock conservation area and the world heritage designation. The developer and transport giant also said the bridge is an important link in the north south highway network.
Ian Pollitt, from Peel, said: "Peel have been working with the council on proposals to repair and replace key sections of the steel structure of the bridge that will allow for heavier loads to pass over it whilst not harming the historic integrity of the bridge. Works are now well under way with the bridge planned to reopen in July 2010. The Bascule Bridge has been a key part of the docks for years, and it was a great disappointment to many when it closed."
In addition to repairs and replacement of parts of the bridges steel structure, Peel added that the timber housing on top of the bridge will also be replaced with a new roof and drain pipes and will remain a key feature.
Peel said the internal motor room will also remain for heritage reasons, and the bridge will be painted in its original colours to emphasise this.
The work has been carried out in two phases to allow boats access under the bridge for the British Waterways boating season. Measures have also been undertaken to ensure pedestrian access over the bridge.
The contractor is Manchester and Cheshire Construction.