The new owners of Keighley's Victoria Hotel are expected to apply for a grant to help transform the long-empty property.
Plans to bring the building on Cavendish Street back into use date back several years, and involve the creation of holiday lets on the upper floors and four retail units on the ground floor of the Victorian property.
Work on the building began in 2021.
Most recently the development was due to receive support from the Keighley Towns Fund, a £33m pot of Government cash to be used to help regenerate the town.
But at a recent meeting of the Towns Fund Board, which was not held in public, concerns were raised about the future of the project after it emerged the building had recently changed hands.
The board has said it was “working closely” with the new owners, and they are expected to soon apply for a grant from the Fund’s Development Investment Fund.
When asked for further details, a Bradford Council spokesperson said: “Concerns were raised were about the deliverability of the project, given that ownership of the building was changing.
“Ownership has now changed and we expect a revised grant application to be submitted shortly.”