Salford City Council is reviewing its options for overseeing development in the borough after "reluctantly" deciding to close urban regeneration company Central Salford in March 2011.
The decision follows the withdrawal of funding from the other two public sector partners in Central Salford, the Homes & Communities Agency and North West Development Agency.
Cllr John Merry, leader of Salford City Council, said: "Despite the challenges of multi-million pound public spending cuts facing the city, we are determined not to lose the momentum built up by the URC. Working with others we will find a way to build on that success and we have every confidence that the development community will support the city council in this task."
Among the major projects Central Salford was helping to steer were Media City UK by Peel Media, English Cities Fund's redevelopment of the Chapel Street area, Ask Developments' Greengate and the Irwell River Park public realm scheme involving several landowners.
Central Salford said it helped get £1bn of development underway during its five-year existence and for every £1 of public money secured more than £10 of private investment.
The organisation has around 20 staff, who are now in a statutory consultation period over redundancy or retention by the council, and is based in the Digital World Centre in Salford Quays.
Felicity Goodey, chairman of Central Salford, said: "I have been overwhelmed by the strength of confidence and support expressed by investors in Central Salford and the URC team. We set out with an ambitious vision and thanks to the strength of the partnership we have with Salford and its people we have delivered far more than ever promised. I am confident that together we will find a way of continuing the work which has been so successfully begun."