The 14-storey, 270-unit development costing $140 million has been rebadged The Establishment.

Construction will start in October on the corner of Gozzard and Swain streets and take two years to finish.

It follows Geocon also teaming up with Empire Global to complete the former Jardine, now Aspen, development in Tuggeranong when Empire signalled it would not be able to meet its previous construction deadlines.

Unlike Jardine, where purchasers off the plan had their contracts rescinded and deposits returned so the development could start afresh, Air Towers aka The Establishment had not yet been released so did not have existing buyers, a spokeswoman said.

Concerns about the height of the former Air Towers had seen the development cut from 26 to 18 storeys. A Geocon spokeswoman said under the new guise of The Establishment, the project would now be 14 storeys. She said the project had development approval.

Geocon managing director Nick Georgalis is unabashed in the company's desire to reach all corners of the ACT and "transform the skyline" as it goes.

Gungahlin was ripe for development, the second-fastest growing region in Australia and growing at five times the rest of Australia, he said.

“With the unprecedented demand we are seeing with Aspen, we have decided to fast track this release to meet the market demand," he said.

"We have an ambitious vision to transform Canberra’s skyline and that extends to all of our town centres like Gungahlin.

"The Establishment will see us bring our signature precinct living and luxurious amenities to an up-and-coming area.

"With this development we’ve added a fresh new edge including our first ever outdoor gym."

A drawcard of the development will be its proximity to stage one of Canberra's new light rail system. It also includes 750 square metres of residential amenity - including a rooftop lap pool, the outdoor cinema and gym - and 500 square metres of commercial/retail space.

Empire chief executive Tomislav Simunic praised Geocon for its "reputation of delivering amenity-rich units".

"We’re proud to be partnering with leading developer Geocon, to bring this development with inner-city standards of living to the suburbs,” Mr Simunic said.

The Establishment will offer a selection of one, two- and three-bedroom apartments "inspired by Chicago’s industrial warehouse scene".

It will be also be the only development in Gungahlin to offer a pizza shop, cafe, bar and barber located in the plaza below. Apartments will start from $299,900.