Ardmore Construction had reached ground floor slab level on the first phase of the site's housing plan when work stopped about a year ago because of the anticipated severity of the looming economic depression.
But it is now understood that Ardmore is likely to restart work for client Bellway by the end of July or the start of August this year.
The job, initially valued at around ВЈ34m, will kickstart the site's housing programme in which 10,000 homes are planned over the next 15 years.
Ardmore's contract involves 229 riverside flats and initially weighed in at ВЈ34m.
A source claimed: "Ardmore will be asked to reprice the job, rather than it being re-tendered. But it is likely that the firm will now have to drop its price significantly - perhaps to the ВЈ30m mark."