Big plans to transform Newmarket's southern end from a brewery site into mixed-use have been slow to emerge.
Conor Collier of AMP Capital Investors, which owns the 5ha Lion Nathan site, said last week that plans for the site were not yet finished.
But he hoped an application would be lodged in about two months.
In 2007, AMP paid $162 million for the block on the corner of Khyber Pass and Park Rds and dozens of shops, hundreds of apartments, thousands of carparks and large offices were expected to rise on the site. A retirement village and a hub of bars and restaurants were planned.
Collier said the plans were taking longer than expected.
"We are continuing with business-as-usual activities to develop the site and now expect to lodge the private plan change application to rezone the site around April.
"This is progressing on a longer time frame than originally planned, which we believe is prudent given current market conditions."
Cameron Brewer, chief executive of the Newmarket Business Association, was disappointed at AMP's pace.
"Amongst other things the plan change was going to rezone [four] existing business areas such as the Lion brewery site to mixed use.
"Until this plan change is ratified, that will also allow for some taller commercial buildings, a lot of development in Newmarket remains suspended," Brewer said.