Chesterfield company Bolsterstone won planning permission in January 2008 to create the £12m Central Square scheme in Cathedral Road.
But the land has remained empty because of lack of interest from companies expected to move in before the economic downturn.
Bolsterstone instead used the site as a temporary public car park to generate income and recently applied to Derby City Council to continue operating parking for another 12 months.
A decision on this application was due to be made by the planning control committee tonight.
But Bolsterstone has withdrawn the request because it is about to start work on the site.
Managing director Peter Swallow said: "We are going to start work on site and begin remediation work."
This will include digging up the ground, archaeological surveys and preparing the land for construction. Mr Swallow said he did not want to comment on whether there was a company lined up to move into the completed building.
But Derby Cityscape, the company spearheading the £2bn regeneration of the city centre, said the signs were promising.
John Cadwallader, chief executive of Derby Cityscape, said: "It is positive news. I think the plan is very much that they are doing the early site preparation work and that there will be the aim to start construction in March or April.
"There are now some strong inquiries about and prospects of securing tenants. On that basis, I think the company is looking to speculate. This will maintain the momentum of the regeneration of the city centre."
A second office development in Cathedral Road is still lying dormant and bosses there have followed Bolsterstone's lead by applying to the city council for permission to use the land as a car park.
Cedar House Investments already has planning permission to create the £15m office block, called City Gate House, on the site. Its application to use the land as a car park, while it continues looking for a company to fill the office space, is recommended for refusal.
Planning officers said there was already ample public parking nearby at the Bold Lane and Cathedral Quarter car parks. A decision will be made tonight.
Article courtesy of Derby Telegraph