JW Land plans an additional 207 apartments be added in stage 3 to the already approved 329 apartments on the former public housing block, bounded by Cooyong Street, Ainslie Avenue and Currong Street North, and next to Favier House. Stage 4 is yet to come.

The 25,631 square-metre site was auctioned by the ACT government in February 2016, with JW Land winning the bidding at $47 million.

Construction of stage one and two is underway and is expected to be completed late 2019. The two buildings will have some restaurant and retail space and a child care centre, plus three levels of basement parking. The end product will have four mixed use residential buildings. It will be done in four stages.

The stage 3 application, now lodged, suggests the number of apartments for stage 3 and 4 has been revised this year from a planned 300 in January to 483 in the latest iteration. Of those, 207 are in the stage 3 application.

The development will also have three levels of basement car parking.The application is also in preparation for the fourth stage to excavate the basement parking for the two final stages. For stage 3 and 4, the developers plan 875 carparks in three levels of basement parking.

JW Land head of development Michael Prendergast said the development was inspired by Canberra's history.

"Urban, cultural, natural and historical influences have been intricately interwoven to create a transformative new precinct," Mr Prendergast said.

"Although close to the city centre the precinct is designed in such a way that it will provide a lot amenity to residents and visitors."

He said the development would have communal outdoor areas, roof-top gardens, cafes and restaurants.

The third building, located on the corner of Currong Street and an extension of Batman Street, will be a mix of one (72) and two (135) bedroom apartments. It will be seven storeys high with a rooftop garden at level five.

Development is estimated to cost $36 million.

The application proposes an internal road to be called Founders Lane to connect Cooyong and Batman street.

Mr Prendergast said, like the first stage, the new building was designed around the existing trees and "designed in a way to maximise views of Mount Ainslie".

The redevelopment has been controversial for the scale and prominence of the block and the scale of the building, which includes a 12-storey tower on the corner, and lower buildings behind facing the historic Gorman House precinct.

A service and substation building is also planned within the stage four boundary.

A development application for stage four would "be submitted at a later date", the company says.

The whole development will have 700 apartments.

Submissions close on the development application on September 14.