Policy & Resources is seeking expressions of interest to raze Leale’s Yard to the ground after it bought the majority of the site in August.
The top political committee had previously pledged to clear the abandoned site off the Bridge within a year of purchasing it for £4.5m.
Interested firms have until 21 November to submit a bid.
The States is aiming to develop both housing and commercial units there, but these plans will be starkly different to those put forward before.
The former owners of the site, the Channel Islands Co-op, have retained a small part of the site for housing, but Deputy Lindsay de Sausmarez, President of Policy & Resources, said “momentum is essential” to make the beleaguered site a success story.
“Development doesn’t take place overnight, especially for a site of this scale, but we’re progressing through the necessary stages as quickly as possible. We’re planning the necessary demolition – which will be the first visible signs of progress –at the earliest opportunity,” she said.
“Behind the scenes, we’re working hard on plans to improve the transport network in the area – an essential component for this project to succeed. We will provide updates on how the project is developing as the work progresses.”
The States will make a further call out for firms to help with the master planning of the Bridge area, which will include implementing flood defences.
Leale’s Yard has been the subject of several false dawns over the past two decades.
Plans to develop it into housing and business units have stalled repeatedly, including a major redevelopment planned by Omnibus Investment Holdings Limited in the past few years.
It secured outline planning permission but it went back to the drawing board over the number of housing and commercial units due to intense cost pressures and after one of its preferred housing suppliers went bust.
The States agreed to inject £35m into the scheme by purchasing most of the proposed homes, but P&R subsequently pulled out the arrangement after failing to agree affordable terms with the developer.