The 60ha Falkirk Gateway project at Middlefield comprises a hotel, business space, a retail park and a marina for the Forth and Clyde Canal. It is intended to help end the area's economic reliance on the petrochemical industry in Grangemouth.
The developer, MacDonald Estates, has been unable to attract a major retailer to the site. However, it stresses that it remains committed to progressing plans when prospects improve.
Falkirk Council has now granted a two-year extension. "We hope that after this things will pick up," a spokesman said.