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Keith Lowes, head of planning and environment, said: "We know what we want from the site a new central business district which will become the Doxford International of the city centre."
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believes development on the site is key to regenerating Sunderland city centre, bringing thousands of people into a core retail and leisure area.
"I hope to see some good progress in the very near future."
He also confirmed the site would take 10 years to completely develop.
The council paid Tesco 22million for the 26 acre site, seen as key city centre development land.
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Coun Mordey asked what would become of the advertising billboards next to the site.
The supermarket chain gained planning permission for an alternative development site at Sunderland Retail Park, in Roker, last year.
Mr Lowes said the council had inherited the boards from Tesco with the sale of the land, and would now benefit from their income.
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Mr Lowes said the original proposals put forward by regeneration agency Sunderland arc, and already given outline planning permission, would no longer be taken forward.
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Mr Lowes said remediation work would start on site in the summer, and take between six and nine months to complete.
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ï»¿up at derelict Sunderland Vaux site
Tesco bought the site in 2001, but was blocked from building there by planning rules.
and Communities Agency provided 20million, One North East 1million and the council paid the final 1million.
This was seen as the deal breaker which persuaded them to sell up at Vaux.
He said the council was looking at retaining the boards in some form.
The initial project includes demolishing remains of buildings, clearing rubble and filling in two wells. The site will be levelled out and an archeologist appointed, with a watching brief while work is carried out.
Chairman Michael Mordey said: "I think we're all relieved that the council now actually owns the Vaux site, and we're in a position to see some movement on the Air Huarache Oregon Ducks
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The aim is to get the site ready, so work can begin as soon as possible once a developer has been found and permissions granted.
Mr Lowes said the council was looking at short term uses for the site, and temporary car parking was one possibility.
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