A local residents group has welcomed the scaled down development, saying it is an improvement on the more than 370 apartments that were initially included in the pre-DA plans.

A fund managed by Elanor Investors Group, which is currently redeveloping the Belconnen Markets, sold the 6049 square metre site to a Sydney developer last year for $14 million.

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The sale conditions include a delayed settlement which allows the purchaser to secure its development approvals before the sale is complete.

Elanor Investors Group co-head of real estate Michael Baliva said the residential units will complement the $25 million redevelopment of the adjoining markets.

"My understanding is that the proposal is in accordance with the planning guidelines and [was] always intended to be a mixed-use precinct and we're really happy with the fact that it'll complement the other redevelopment of the fresh food markets as well, which we're commencing construction on in February," he said.

Dubbed The Market, the proposed development includes a 10-storey residential complex with retail outlets on the lower floors.

The CZ2 commercial block, known as block 20 section 32, is currently occupied by car parking spaces.

The total cost of works is estimated to be more than $85 million.

The application states the complex would include three to four building forms constructed on top of a four-level basement.

Belconnen Community Council chair Glen Hyde said the council welcomed an increase in the development's floor space and a reduction in the number of units.

"This looks a little more achievable, like it will provide better facility for not just tenants but customers as well," he said.

"I think if our plan is to create a more functional space for the Belconnen Markets precinct, this certainly goes a good way to doing that."

Mr Hyde said traffic and general accessibility around the area was one of the community's main concerns.

"There's concern about how people move from one part of the precinct to the next, whether they are people with mobility issues, people with young children, mums with prams, people in wheelchairs. Then we have to talk about the access for suppliers to get in and service the environment," he said.

"So we need to see that holistic plan that brings together traffic management, the actual retail space ... and how that interacts with the adjoining areas to the precinct."

In the traffic report provided, it was noted the development would have a "minor effect" on traffic performance, however it highlighted the Belconnen Way/Lathlain Street/Catchpole Street intersection as experiencing "excessive delay" under current conditions.

The report noted the intersection "needs to be improved in terms of signalling and geometric configuration to improve intersection performance and reduce delay times".

The plans, prepared by Canberra Town Planning, stated the development will be "built around a central courtyard that provides deep root planting and a communal open space for the residents and users of the space".

A mix of residential units will be offered, from one bedroom through to five bedroom units, as well as 'small office, home office' (SOHO) units that include work spaces.

The development would also include rooftop amenities such as a swimming pool, gardens, lawns and outdoor barbeque areas.

The period for representations closes on February 7, 2022.

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