Plans for the site are expected to include up to 1,000 homes, businesses and a railway provision, and it is hoped they will be submitted to Telford & Wrekin Council and Shropshire Council by Christmas. Planning bosses are expected to take a year to make their decision.
In the meantime, demolition of the site will continue. On Friday, a key part of the work was completed when the four giant cooling towers were brought down. It took about eight seconds for the iconic landmarks to fall.
Now another 20 months of work will continue on the rest of the site.
Iain Thomson, of power station owners Harworth, said: "There's another year and a half of demolition work. The old offices and turbine hall will be demolished. There will be a gradual change to the skyline.
"The masterplan will hopefully go to both Shropshire and Telford councils this side of Christmas, maybe January. People will be able to look over those plans at length, as they have been able to do at our consultation events.
"We've given advice that it'll be up to 12 months for determination. This is a big application for Shropshire and Telford to consider. There won't be any knee jerk reactions from them, this will take time to properly consider."
Should permission be granted, Harworth will begin preparing plots ready for housebuilders to begin their work.
"If you take 2020 for planning, in 2021 we will begin engineering patches ready for companies to build on," Mr Thomson said.
"You've got to put the infrastructure in so housebuilders can build on it. What we'll provide is, in effect, a ready-made parcel of land to build on. Roads to the site will be done.
"These plots are roughly between 100 and 150 homes each. It'll take a year to create that platform. With a fair wind, earliest house will be built in 2022. We're not assuming that - we've got to make sure that people are happy and content with the sustainability of the planning application we're putting in."
Mr Thomson thanked the people of Ironbridge for the patience on the demolition of the cooling towers.
"We gave a week's notice for the demolition of the cooling towers and people had to put up with a bit of disruption on Friday," he said.
"You've had road closure on Buildwas Road which has frustrated a few people. I get that, it comes with the territory.
"Thank you for your patience – life will now get back to normality. The towers may be gone, but they won't be forgotten."