St Nicholas Street and Crinnicks Hill in Bodmin had both been closed after masonry fell from a historic building in the town, known locally as the roundhouse.
Residents in the building were evacuated amid an urgent structural survey to take place to ascertain the extent of the damage caused.
However, the survey has revealed that the main building is structurally sound, meaning St Nicholas Street can be reopened.
Due to the failure of lintels above specific windows, Crinnicks Hill will remain closed at its lower junction while the building owner arranges for works to take place.
Cllr Leigh Frost, the Cornwall Council member for Bodmin St Petroc said: “Following an inspection earlier today, a surveyor was able to access all flats in the affected building and conduct a more thorough assessment, aided by daylight conditions. The findings indicate that the issue is localised, caused by the failure of lintels above specific windows, and that the overall stability of the building is not at risk.
“As a result, St Nicholas Street will be reopened to traffic. However, a section of pavement and the junction of Crinnick Hill with St Nicholas Street will remain closed until the building owner arranges for a structural engineer to inspect the site and oversee any necessary works or propping.
“For safety reasons, the two occupied and impacted flats should not be reoccupied until the structural engineer has completed their inspection and confirmed it is safe to return, following any required remedial works. Cornwall Council’s Private Lettings team is supporting both the building owner and the affected tenants to address their needs during this period.
“Cornwall Council will continue to monitor the situation and provide updates as necessary.”