Stockport Council is in ongoing discussions with the administrators of developer Targetfollow over the future of the Grand Central site in the town centre.
Norwich-based Targetfollow failed to start on the leisure and retail park, located just off the A6, since planning consent was granted in February 2008.
The developer owed Lloyds bank £680m in loan repayments, one for £230m which matured in July and another for £450m that expired last month.
Lloyds placed the developer in administration at the end of October, with Deloitte appointed administrators to Targetfollow.
Eamonn Boylan, chief executive of Stockport Council, said: "Grand Central has an important role to play in the future of Stockport town centre and we are keen to progress its redevelopment.
"The council previously made Targetfollow an offer to buy the Grand Central site. We are now having an ongoing dialogue with the administrator regarding future opportunities."
Targetfollow had secured Travelodge as an anchor tenant for the £100m scheme alongside 200 new apartments and a car park on Wellington Road South.
Targetfollow also owns offices in Metropolitan House, Manchester, Winwick Quay in Warrington and the Empress Industrial Estate, Wigan.