The Residence 34-storey, twin-tower scheme was to be built by Forrest with Careys acting as subcontractor for the frame.
Elliot Group took repossession of the site last week after financial problems hit Forrest.
Careys will now begin erecting its tower crane on Tuesday next week.
Elliot Group said it has a ‘Plan B’ on all of its sites where Forrest has been appointed.
Elliot Lawless of Elliot Group said: “We promised our investors that we would roll our sleeves up and sort things out with their interests in mind and this is proof of the pudding.
“Careys has an excellent reputation and I’m delighted to be contracting with them directly.
“It’ll take eighteen months to complete the frame, during which time we will be negotiating with suitable contractors to finish the fit-out and the envelope.”