In November 2006 plans were put forward for more than 1,000 new homes around the cleared festival hall dome area, as well as the restoration of the original ornamental gardens.
The gardens were restored in 2012, but the housing scheme did not materialise.
In 2017 Liverpool City Council took back control of the site and in 2018 appointed new developers.
Because the land was used as a waste dump before the Garden Festival, the site needed to be cleaned up. The work was completed in 2023.
The council said it was the biggest remediation project in Europe, with more than £53m invested by the council, Homes England and the Liverpool City Region Combined Authority.
The authority went out to tender for developers again in 2024.
Small said the development would be the next piece in Liverpool’s waterfront masterplan.
“We have an iconic waterfront which is globally recognised, but there’s so much more we can do,” he said.
Urban Splash and igloo Regeneration are the two companies chosen to work with the council.
A plan to form a joint venture company with the two firms is set to be put forward for approval in September.