Land Securities has agreed a joint venture deal with Dutch finance house ING Real Estate to develop the £300m Northgate shopping centre in Chester.
The overdue 440,000 sq ft retail scheme will be redrawn and fresh planning applications submitted.
The scheme was first mooted a decade ago and was due on site in 2007 but fell victim to the credit crunch.
A statement issued today said: "Land Securities will work in partnership with ING and the council to explore the viability of a scheme that will deliver benefits for all stakeholders."
David Alker, development director of ING Real Estate, said: "We have been in detailed discussions with a number of potential partners for the project and are delighted to have been able to select one of the UK's leading property companies from keen competition between other potential partners."
DTZ and Colliers CRE advised ING on the selection of a partner.