DENMARK STREET car park reopened last week after a year's closure.
The car park, holding 130 spaces, was planned to have flats built over it, however Wokingham Borough Council changed it's plans after a campaign from locals against the potential development.
Wokingham town councillor Daniel Hinton said: "I am very happy with this, it is amazing news.
"It had got to the point where the council finally made an agreement, and although I'm not aware of the terms, I'm very happy with whatever they've done to make it work.
"Businesses on Denmark Road are all over the moon, as a lot of elderly residents said they couldn't walk to the other side of Wokingham town any more because it's too far for them.
"The car park is good for residents, and its good for businesses - I see this move as a win-win for everyone.
"The Market Place will hopefully get back to previous business levels now more people will get their access back.
"The businesses along the Denmark street were massively helpful in this result, as they helped a lot with getting petition signatures for months to get this put through."
Mr Hinton and the local businesses had managed to gain 4,123 signatures from local residents hoping to prevent the building of 77 flats on the car park site.
Wokingham residents showed their appreciation for the news over Facebook, with commenters saying "this is brilliant news", " So glad it’s been sorted" and "good news".
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