@Marina is right – guys are different and they think different (there are 4 such creatures in my household).
When I read the explanation part of your question, the first thing I thought was that he was keeping you “on hold” until something better comes along. Trust me when I say that if “The One” popped into his life tomorrow, I am betting that he would find time to see her despite work commitments and that suddenly he would be “emotionally ready”. Those two excuses are a copout. Now, while I will tell you that friendships – even those with a former relationship – can be a wonderful thing, it is only wonderful if BOTH members of the friendship are on the same page emotionally. He may honestly want a real friendship with you (but it doesn’t sound like it), but if you are not ready for that, then he shouldn’t force the issue.
Now, I am going to ask you – what do you REALLY want? I mean – honestly, truly want? Do you want to hang around as his “friend” in the hope that he comes around one day to further the relationship? Are you really willing to try to be “just friends” with no expectations to take that further? (and this would mean that if he does find the girlfriend, you would embrace her as part of his circle and not go all jealous on his hiney). Or would you rather have no contact with him at all? What you MAY do in the future (get past the hurt to be real friends) is different than what you do now. Take care of the now, and the future will resolve itself.
Now, after you decide what you really want – YOU have to follow through. You can’t control what he does – you can only control yourself. No matter how painful, if you decide you don’t want to continue status quo, you need to take action steps. That means, channelling your inner alpha and telling him (that’s “telling” not asking, not phrasing it in the kindest way possible, not requesting – you have to ORDER so he knows that you mean it) and say “I am not willing to settle for just a friendship so don’t contact me anymore.” And then follow through!!!!!!! He may text – nothing says you have to text back. He may call, but nothing says you have to take his calls or call back. If you see him, be cordial and polite, but move on. Yep, it will probably hurt and you will most likely miss him and your dinners and whathaveyou, but it will work through with time and persistence. And, it is perfectly okay to have a mourning period when a relationship changes, just take good care of yourself while you go through it.