Isle of Man-based developer Dandara is to more than halve the number of flats at its proposed V Building in Birmingham.
Plans for the V Building, which at 50 storeys was set to be Birmingham’s tallest residential tower, were approved in 2007 but the £200m project stalled in the downturn.
Dandara is now close to submitting revised plans for the scheme that will see the original 706 homes reduced to around 300 in a smaller building.
The new proposals, which have been through several design revisions with the council, will also include shops and restaurants on the ground floor, although the exact design is still being finalised.
Despite reducing the number of homes in the V Building, Dandara is committed to residential at the 2.3m sq ft Arena Central site, in which the development sits. It is understood to be among bidders for the £100m residential phase of Arena Central. The phased development proposes more than 600 homes in two towers. Seven Capital is also said to have bid for the site.
Miller Developments and Bridgehouse Capital put the site up for sale via Knight Frank in June.