Residents have waited for years for the site to be improved after it became a target for vandalism and crime.

Morris Property Group, which took over the project after previous backer Redevelopments went into voluntary administration, expect construction to begin at the end of the year.

Director Louise Morris said the company had completed the demolition and was waiting for environmental certification to proceed with the building work.

"It's subject to sales being achieved but we're looking to commence in this calendar year," she said.

The company has released the first stage of the new development - formerly called Space Macquarie - which consists of 156 residential units and 12 commercial spaces.

Ms Morris said there were 60 sales under way, of which 35 had been buyers from the previous development.

LJ Hooker sales agent for Macquarie Park Apartments, Andrew Ligdopoulos, said there had been a lot of interest in the development since the sales office opened in February.

He said about 300 individuals and groups had been through to look at the proposal.

Most of the inquiries had come from interested owner occupiers who had been wanting to downsize.

"It's good for the centre and good for the suburb that things are moving along," Mr Ligdopoulos said.

Space Macquarie went into receivership late last year after Redevelopments went into voluntary administration.

The Jamison Inn had been purchased in 2008.

The ACT Planning and Land Authority had already approved a development application for 322 apartments as part of Space Macquarie before the company went into receivership.