Developers are queuing up to take over Hounslow's half-finished town centre revamp, it emerged this week.
Tory leader Peter Thompson also claims the long-awaited scheme could be completed in as little as four years, despite the council's decision to sever ties with builders Blenheim Norwest last year.
The news will come as a relief to residents in Holloway Street, whose homes have been blighted by the looming development for more than a decade.
Town hall chiefs plan to appoint consultants in the next couple of months to draw up a 'masterplan' for developments across central Hounslow.
Cllr Thompson said: "The decision to cut ties with Blenheim has possibly slowed things down by two years.
"Several developers have already approached us about finishing the second phase, which could be ready as soon as 2012.
"Our view is that there's been too much higgledy-piggledy development in the town centre over the years.
"There are three big developments in the pipeline at the east end of the High Street and we want to look at the bigger picture before making any decisions."
Builders completed the first phase of the Blenheim Centre in 2006 but dozens of flats remain empty and many residents claim the huge complex overshadows their homes.
Hounslow's executive finally lost patience with Blenheim in November after it missed four deadlines to submit Phase 2 plans.
When the developer did eventually reveal its vision, including two 18-storey tower blocks, senior councillors blasted it as an uninspiring example of over-development.
Hounslow Central Residents' Association last month backed the council's decision to dump Blenheim but called for immediate action to help beleaguered householders in Holloway Street.
Cllr Thompson promised to keep residents in the loop but ruled out a £2.5million compulsory purchase of the terraced street.
He added that it was not yet clear whether the houses would be kept or destroyed to make way for new buildings.