The piece is now complete in Jon Mill's workshop and is expected to be installed later this year at a date to be confirmed.
A final stage in the project will be the council entering a licence agreement with landowners Network Rail.
Cabinet councillor for culture Geoffrey Bowden said: “This is a fitting memorial to the railway works – a huge and often unknown aspect of the city’s history.
“It’s also an achievement to have put this stretch of railway back into use - replacing one eco-friendly form of transport with another and providing some intriguing new views of the city."
A report on the final steps of the project will go to the next of Councillor Bowden’s regular decision-making meetings on February 7.
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