Centenary Ashcroft has been chosen by Norwich City Council to carry out a £100 million redevelopment of a shopping centre in the area
This includes the creation of 200 new homes, but the economic downturn forced the implementation of the plans to be delayed.
As a result, bricklaying tools such as rose trowels, brick jointers and masonry brushes could not be used at the site as planned.
Centenary believes the project can be picked up if minor revisions are made to the scheme, such as a cut in the number of residential properties.
Director Ranald Phillips commented: "Both the occupational demand for commercial space and residential markets are such that it's very difficult to consider laying bricks on the site within the next year."
He said the residential market may not recover fully for another two to three years.
However, Mr Phillips added that Centenary still hopes to begin work on the project before the end of 2010, although he noted this depends mainly on the council.
The authority has already commenced road improvement works in the area, a £3.3 million project that could see tools such as lighting towers and Allen work bridges being deployed.