New plans have been lodged for the failed Aalto development site in Phillip following the sale of the land late last year.
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Canberra developers Amalgamated Property Group propose to construct three towers consisting of 323 apartments at the site on Irving Street.
While the plans are no higher than the 12-storey building previously approved by the ACT government there will be an additional tower and more than 40 extra dwellings.
The new proposal is for two 12-storey towers and one nine-storey tower set on a podium around a central shared space.
The developers bought the site in late 2013 after the collapse of the financial backers of the two-tower Aalto Apartments project.
Gold Coast-based LM Investment Management went into administration in March 2013 and creditors resolved to wind up the company in August.
Ray White Commercial Canberra was appointed to sell the site on behalf of the mortgagee and the land sold to Amalgamated Property Group in October for $3.81 million.
The ACT Planning and Land Authority had conditionally approved the development application in March 2012 for a 12-storey building with 208 units and a childcare centre, and a nine-storey building with 70 units.
The approval included a crown lease variation and demolition of the existing building and structures on the site, including businesses Balloon Aloft and Precious Momentz Child Care.
Documents lodged with the new development application indicate that the approved Aalto project was "unable to achieve the sales necessary to commence development".
"The current lessee does not believe that the existing approved scheme is marketable and has instructed the current development application for a scheme which better reflects market sensitivities," it said.
Under the new plans there will be 108 one-bedroom units, 127 two-bedroom plus bathroom units and 88 two-bedroom, two-bathroom units.
Unlike in the original plans, there will be no three-bedroom apartments in the project.
The towers will surround a central communal space which will include a 1.2-metre deep swimming pool and smaller spa pool for residents.
The surrounding area will be landscaped to provide outdoor recreational amenities.
