The redevelopment of the ageing shopping precinct was always due to form part of the Regeneration, but the lack of progress has frustrated residents.
Now a report, which sheds some light on the reasons for the delays, has been prepared for the council's cabinet.
Council officers said that the main stumbling block had been coming up with a plan which was commercially viable, admitting that two previous proposals from last year had been abandoned.
Now a fresh scheme has been brought to the table, which would include new shops and medical facilities, a 100 homes and the possible creation of a new "community hub."
The report says that the project could "reinvigorate" an area which the local authority admits has become "run down" and often attracts anti social behaviour.
Discussions are set to continue over the coming months, with a public consultation to take place next year. The council's hope is that a masterplan for the Kingshurst village centre will be in place by the summer.
That said, concerns remain about securing the necessary funding for the development, which is ultimately expected to cost in the region of £15million.
The report comes just a few weeks after a petition was raised calling on the local authority to provide an update.
The document, which was presented by UKIP councillor Debbie Evans (Kingshurst & Fordbridge), said: "We feel we have waited long enough for an explanation to come forward and we as residents feel forgotten by this council."
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