The£175m redevelopment of the town centre's market site has been put on hold following the withdrawal of Australian developer Multiplex, which was responsible for raising 90% of the money needed.
David Kennedy, the council's development director, said: 'It was a mutual decision. It is a setback but we hope only for a few months.'
Multiplex has taken over property giants Chelsfield & Stannifer since it signed terms with Barnsley, and is now devoted to absorbing these companies, he said.
The retail, leisure and residential market project is led by 1249 Regeneration Partnership, with developers Ashcroft Estates and Guildhouse Group.