The old Postings Shopping Center closed in the summer.
Since then, it has remained empty while the owner, Tahir Ali, worked on plans for its future.
The center covers approximately three hectares in the heart of the city center.
Opened in 1981, it was once a bustling place filled with shops and anchored by a huge supermarket – originally Wm Low then Tesco.
The center also has a car park operated by the municipality of Fife above the shops.
Talks have been underway between Mr. Ali and the local authority for several months on plans for the redevelopment of the site.
New Fife Department Store Announces Opening Date at Kirkcaldy High Street
This week he announced his intention to launch the Fife department store in the former Debenhams store – which he also owns – replacing the tenant he inherited, the 15-17 concession store, which collapsed a few just weeks after opening.
A statement from the businessman said: “Mr. Ali and his team have been working diligently on a major change for the three-acre downtown entrance site and will make an announcement before the end of the year regarding this project. “
The sit is seen by many as a change in the future development of the city center.
An indication of the way to go should come when a pre-planning request is formally submitted.
In its heyday, The Postings had a huge array of businesses including a tourist information center, bustling cafe, record store, travel agent, and fishmonger, with the market stall area known as the name of Knightsbridge, occupied by many small businesses.
But its decline was accelerated by the closure of Tesco in 2015.
The Postings was previously owned by Columbia Threadneedle.
He bought the center for £ 10.25million in 2003, but auctioned it off with a price of £ 1 in 2019.
It was bought by Mr Ali for around £ 310,000.
He renamed it Kirkcaldy Center and asked agents to try to fill the units, but the summer saw the last two tenants move out.
Farmfoods has completely moved out of town, while Lloyds Chemist has announced plans to move into the old Santander Bank on High Street.