Stone foundations and a concrete base on the £22m scheme at Anchorsholme have crumbled into the sea.
The sea wall in the north of the resort is part of a £86m programme for new sea defences.
Work on the scheme began in April as part of a joint programme between the Environment Agency and Blackpool and Wyre councils.
Conservative councillor for Anchorsholme Paul Galley told the BBC: “The foundation area for the new promenade which is the core casing over the old promenade… has collapsed over Christmas and it has caused a lot of concern because obviously this is the bit that is meant to hold all the weight for the completed tonnage.
“When the project was first started there was a lot of euphoria and people were very excited. Now with the fact it has collapsed there is genuine concern over how safe it will be.”
Councillor Fred Jackson, cabinet member for urban regeneration said most of the damage was caused to a concrete layer – or blinding – which he said will be protected by wave breaker units when work is completed.
He said: “Once installed these units will be able to withstand the force of powerful waves thereby safeguarding the community.”
A spokesman for Balfour Beatty said: “Progress on the Fylde Peninsular Coastal Programme (FPCP) has been impacted by severe coastal storms and abnormally high tides in recent months with the concrete blinding and stone foundations in part of the Anchorsholme section being temporarily affected.
“We are working to rectify the damage which has occurred as quickly as possible and we will continue to work closely with our partner on the Fylde Peninsular Partnership, Blackpool Council, to complete the scheme by Autumn 2015.”