The contractor’s Explore Living development arm is believed to be preparing revised plans for the site which will contain 1300 homes, shops, offices and a supermarket.
Explore lost an appeal to central government last month after its plans were rejected by Brighton and Hove Council.
But the government inspector only rejected the appeal on a section 106 technicality rather than the council’s original objections.
Planning experts believe the decision leaves the way clear for Explore to submit revised proposals despite spending £7m already on the planning process.
An Explore statement said: “The company will now take time with its stakeholder partners to study the decision in detail and determine our next steps.”
The focal point of the redevelopment would be a 28-storey building comprising 148 residential units with retail and office space.
A total of 1,300 homes would be built, along with an enlarged Asda, shops, offices and community space.
The original plans were rejected by the council because opponents claimed Explore’s plans were an “overdevelopment” of the site.