The project has been re-advertised on Public Contracts Scotland to select a contractor to undertake the works.
The Scheme being led by the council's Delivery Team will link up strategic projects and key areas of the town.
Its overarching vision is to make it an attractive environment for small shops and businesses as well as re-instating the key link between Old Market Place and the Town Centre.
This is being encouraged by placing an emphasis on pedestrian movement rather than functioning purely as an area to park or as a through-route for vehicles.
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The project recently received a £709,030 share of the £3.28 million awarded to Aberdeenshire Council through the Scottish Government's Town Centre Regeneration Fund which is aimed at driving local economic activity and stimulating and supporting economic improvements.
Project Co-ordinator Kirsty Black said: "Bridge Street presents a challenging but unique environment and the scheme proposed is ambitious, however, the results would be transformational for Bridge Street and the rest of Banff.
"The improved street scene would be capable of promoting regeneration in the short term as well as paving the way for future anticipated regeneration in the Old Market Place area.”
Features incorporated in the design include lantern lighting columns, penny farthing-inspired cycle stands and a 22kw vehicle charging point in the adjacent car park area which is also to be redeveloped as part of this project.
The design team says the plans capture the aspirational vision of an attractive, safe and pleasant environment by creating a street where pedestrians feel they can move freely anywhere and where drivers should feel they are a guest.
