Civic chiefs say a major announcement on the future of the £1bn Fawley Waterside scheme is set to be made within weeks.
In 2017, Fawley Waterside Ltd unveiled proposals to provide 1,500 homes, plus a raft of commercial and community facilities, including a new primary school.
A planning application to redevelop 300 acres of land beside Southampton Water was given the green light by New Forest District Council in 2020.
But in February this year it emerged that progress had stalled and final legal agreements with the council had yet to be finalised.
In a statement issued at the time Fawley Waterside referred to its founder and chief executive.
It said: "Aldred Drummond has stepped back from day-to-day management of the site, but remains part of a firmly committed group of investors behind the project.
"The team is currently in the process of working with its advisors to review the current plans for the scheme and to determine the next steps to advance the development of the site, and we look forward to sharing further news in due course."
Now the council has announced that an update on the scheme is expected to be made "within weeks".
Cllr Derek Tipp, cabinet member for planning and the economy, said: "New investors have come on board and there is a new management team.
"Initial discussions with that team have taken place and updated proposals are awaited."
He was responding to comments made by a member of the Liberal Democrat group, Cllr Mark Clark, who cited suggestions that the project was being scaled back.
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Another Lib Dem, Cllr David Harrison, told the Daily Echo: "There are a lot of rumours swirling around the delays in providing any update.
"I heard from one source that much of the planned housing element might be dropped because of the increased construction costs and the expensive flood barriers that will be needed to protect residential properties."
Cllr Harrison referred to road improvement projects in the Waterside area and a proposal to reopen the Totton to Hythe railway line.
He said: "The uncertainty has a knock-on impact on other things, including the business cases for the Waterside passenger rail service and the widening of the A326. I hope we get an announcement soon, with a firm idea of the intentions going forward."
Fawley Waterside has been contacted for comment.
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