A larger piece of land has now gone on sale to build a four-storey development following discussions with retailers and the council.
Ballymun Sinn Féin Councillor Noeleen Reilly said she is "optimistic" something positive will happen.
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She said: "It is in a prime location on the main street in Ballymun, not far from the M50 and Dublin Airport and beside IKEA.
"Residents have been crying out for shopping facilities for decades in the area. The Regeneration was a big let-down in terms of Economic development.
"A recent survey conducted by Dublin City Council reported that only 10% of residents in Ballymun shop in the local area.
"This is a staggering statistic but is symptomatic of the lack of shopping facilities in Ballymun.
"It also tells me that there is huge potential to develop shopping facilities in the area and to create jobs for local people in retail and construction."
The closing date for offers is 12 November.
(CD/LM)
