The former developer of CityPlace said he and three business partners are planning to buy back control of the long-delayed project in downtown Burlington.

In a statement included below, Don Sinex and three Burlington-area construction companies said they have a binding agreement to buy back control of the project from Brookfield Properties, the Chicago firm that has indicated it’s planning to abandon the project.

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Dave Farrington, president of Farrington Construction in Shelburne, provided the statement via email. He said on Sunday that the purchase agreement is “very near” to closing, but he was unable to comment on the sale price.

According to the statement, Sinex’s group expects to file a new plan for CityPlace with the Burlington Development Review Board by mid-September. The project would be limited to a height of ten stories and will no longer include a new hotel.

For two years, CityPlace has been little more than a gaping hole. In late July, Burlington Mayor Miro Weinberger recently threatened to sue Brookfield Properties after learning that the company wanted to back out.

In January, representatives for Brookfield said they hadn’t secured any financing for the project yet. At the time, they presented a scaled-down version of the development that included a 196-room hotel, 550 parking spaces and 45,000 square feet of street-level retail space, about half as much as originally planned.

MORE: CityPlace developers offer scaled-down version of long-delayed Burlington project