A working group has been formed to look at the options available for the derelict Tropicana site on Weston-super-Mare's seafront.
The former outdoor swimming pool closed in 2000 and several attempts have been made to develop the site since then.
Members of the group acknowledged the tight financial climate and intend to look at what can practically be done.
"We need to move forward and look at realistic and affordable options," a North Somerset Council spokesman said.
"[We've] looked at the lessons learned from the past and why previous over ambitious schemes have failed.
"The group has already agreed the site should be made safe as soon as possible and any stored materials removed.
"I am confident the site can be brought back into leisure use in the near future," the spokesman for the Conservative-led administration added.
The group plans to meet regularly over the next three to four months and report back to council officials.