Developer JW Land's vision for the project's fourth stage includes 254-units, eight commercial tenancies and 706 basement level carparks on Cooyong Street, opposite the Canberra Centre.

The development would cost $42 million, according to documents released for public consultation by the government's planning directorate.

The building is the final stage in JW Land's redevelopment of the former public housing block bounded by Cooyong Street, Ainslie Avenue and Currong Street.

The whole development is set to include 700 units across four mixed-use buildings on the now-vacant site, which the developer's subsidiary, SHL, bought for $47 million at an ACT government auction in 2016.

Construction on the first two stages is expected to be completed by late 2019. Plans for the third building are under assessment.

The project hit a roadblock in March 2017, when the planning directorate forced the developers to revise its plans for an 11-storey, 336-apartment at the site amid opposition from heritage advocates, residents and politicians.

Five months later, the directorate approved a "substantially improved" proposal for a 12-storey building, noting the developer had addressed concerns about overshadowing and the interface between units and a proposed childcare centre.

The Founders Lane project will form part of a broader transformation of Cooyong Street in the coming years, which includes construction giant Geocon's $319 million redevelopment of Reid's Section 7.

The developer last week launched the final stage of the project, an eight-storey apartment block opposite Glebe Park.

The $65 million complex, to be known as Envie, will be built alongside Geocon's Tryst and Metropol towers.

The three developments are yet to approved by the government's planning directorate.

Consultation on stage four of the Founders Lane project is open until February 11.