The firm behind the Mayfield Manchester scheme has announced a major restructure due to huge new losses - with two of its most senior officials set to leave the company.
A 100-day review for regeneration specialist U+I will see CEO Matthew Weiner and CFO Marcus Shepherd both step down from their roles later this year.
Chief development officer Richard Upton has now become CEO with immediate effect, and said the losses - £50m before tax to September 30 - have come due to an "incredibly challenging period for the company".
The restructure, announced to the markets on Tuesday as part of interim half-year results, will mean big changes for Manchester-based U+I, which is currently working on the £1.4bn Mayfield project along with other major partners.
Once complete, it will deliver 1.6m sq ft of commercial space, 300,000sq ft of retail leisure, 1,500 homes - and the city's first new park in 100 years.
Mr Upton, now CEO, said the review will see its projects divided into core regeneration schemes and non-core assets.
The former will include Mayfield, with the latter set to be disposed of over the coming years, with hopes to raise £80m by 2022.
Mr Upton said: "The last six months has been an incredibly challenging period for the Company as we, alongside the real estate sector, have been dealing with the impacts of the wider health crisis and consequent economic uncertainty.
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"Whilst we have been agile in changing the way that we work and improving our processes, we recognise the need to make pivotal changes and improve our performance to respond better to external pressures.
"We have taken immediate steps to reduce our recurring costs, through an overhead reduction plan, deliverable thanks to a smaller portfolio of projects, as we accelerate the near-term monetisation of our pipeline.
"We have taken difficult decisions to exit legacy and non-core assets, improving liquidity and reducing leverage significantly. This activity has been undertaken at pace, paving the way for a strong, clean platform for growth."
Other measures announced on Tuesday include suspending the interim dividend - a decision that will save £3m in cash.
The review will be carried out by chairman Peter Williams, with the outcome set to be announced "in the next few months".
Mr Weiner will remain on the board until the end of May, while Mr Shepherd will step down after completion of the results for the year ending March 31. A search for his replacement will start "immediately".
Mr Upton added: "It is clear that demand for inspiring, sustainable places that revive communities, create jobs and boost local economies has never been more relevant than now.
"We are excited by the opportunity to capitalise on U+I's market leading position as an expert in regeneration and deliver a significant contribution to this agenda."