The corner block of Vaux and Taragala Street could see a lot of action, come 2015.
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InStyle Estate Agents principal Ric Hambrook said the developers of Bonsai Gardens are currently putting tenders together and are looking to start construction early in the new year.
"There are a number of local builders that have expressed interest to put in tenders to carry out the works," Mr Hambrook said.
"Once all tenders are submitted to the developers they will make a decision on who to engage to carry out the works.
"InStyle Estate Agents have had a number of strong enquiries on the development with people being excited for the development to start."
Set to feature 21 single storey two and three bedroom townhouses with landscaped gardens, the Bonsai Gardens site was earmarked for development several years ago, then the project to all outside appearances mothballed.
The project picked up pace again in March this year, with a highly-publicised launch.