Bosses at Harworth Group, which bought the former power station site last year, revealed the news as residents were given the chance to look at the latest proposals for the site yesterday.
Two proposals for the site were unveiled during a public consultation event last October but the company has narrowed this down to one, taking into consideration the feedback it received.
Hundreds of homes, businesses, leisure facilities, a school, village centre and park and ride scheme were included in the plans on show at the site's pump house.
Work would take place in phases, with sand and gravel extraction from the quarry starting in 2020 and work on the first homes from 2021.
Iain Thomson, spokesman for the Harworth Group, said the firm was 'hugely excited' about the scheme.
He said: "We were delighted when we bought the site. It's one of the most exciting projects for us.
"We've spent the last six months considering people's comments.
"We've been working with both local authorities and Network Rail, whilst appointing a contractor to begin the demolition.
"They have started the preparation work. It will take 27 months from now."
Dozens of people flocked to yesterday's public consultation event within the first hour of the doors opening.
The company says a new passenger railway service for Ironbridge will also be at the heart of the proposals.
Mr Thomson added: "People have been given the chance to see the suggested masterplan for around 1,000 homes, employment and space for leisure use and a school.
"We've been able to be a bit more sure about where the parts of the development will go.
"The rail connection is essential to the redevelopment. We are working with Network Rail around strengthening the bridge."
He said the company would use the feedback from yesterday's event to further revise and refine its plans prior to submitting a planning application in the autumn.
Last month Harworth appointed contractor Demolition Services Ltd to demolish the landmark cooling towers at the site.
For further details on the scheme visit ironbridgeregeneration.co.uk