Lake Macquarie's largest development, Trinity Point, proposes to be $201 million cheaper, less disruptive to the community, taller, have bigger apartments and a greater focus on tourism.
A modified development application valued at $463 million has been submitted by Johnson Property Group to Lake Macquarie City Council.
The Morisset Park project is the largest development proposed in regional NSW, and the architecturally ambitious luxury resort has been billed as Lake Macquarie's answer to the Sydney Opera House.
In July last year Trinity Point was valued at $663.9 million and given State Significant Concept Development approval by the NSW Department of Planning, Housing and Industry.
A month later, Lake Macquarie City Council gave its approval.
The approval in place allows for two tourist and hospitality buildings containing 153 hotel rooms and four serviced apartments; two 300-seat restaurants; a 300-seat conference/function centre, including a business centre and a retail centre; and a wellness centre incorporating a lobby and anticipated uses such as cryotherapy, an indoor pool, an infrared salt sauna, a gym and a hyperbaric area.
There is also approval for four residential buildings containing 160 residential apartments and associated private open space areas, basement-level parking, back-of-house and servicing areas, landscaped public and private open spaces, public domain enhancements and a two-lot subdivision.
Under the modified DA, the Johnson Property Group proposes adjusting the number of hotel rooms from 153 to 172, reducing the number of residential apartments from 160 to 131 and increasing building heights by up to three metres for the hotel and a maximum of 2.2 metres for residential apartments.
A number of environmental and design improvements have dramatically reduced building costs.
These mostly relate to reduced excavation works and the depth of basements for car parking, which would also lessen the need for groundwater controls and mostly avoid digging below the lake's water level.
A separate modification has been lodged for a six-storey car park to achieve sufficient parking.
Keith Johnson, the managing director of the Johnson Property Group, said the improved excavation works would eliminate more than 12,000 loaded heavy vehicle trips from the local road network, including Trinity Point Drive, Henry Road, Charles Avenue, Morisset Park Road, Fishery Point Road and Macquarie Street.
"It takes a lot of vehicles off the road, so it's a better outcome for everybody," Mr Johnson said.
"It's high-class, so we really want to do it properly."
Other savings in the DA include reduction of vehicle access points and changes to residential apartment sizes to reflect market demands.
"We have dropped down the amount of units to make them bigger," Mr Johnson said.
"Market research has told us what they want.
"We have less parking and less traffic, so it should be a happier use for everybody."
The council's director of development planning and regulation, David Antcliff, said the council was the delegated authority to assess and determine the DA.
"This is one of the most significant proposed developments in our city's history, and it reflects the continued growth and appeal of Lake Macquarie," Mr Antcliff said.
"Developments of this scale can help support local jobs, attract visitors and contribute to our economic activity."
Trinity Point has been a 25-year ambition for Mr Johnson, who also owns the award-winning restaurant 8 at Trinity at Morisset Park and the Watagan Park housing estate and shopping centre at Cooranbong.
Mr Johnson does not anticipate any issues with the new DA.
"We want to go to the market by the end of the year with the apartments and start building next year," he said.
The Trinity Point plans will be on public exhibition until September 4.
Separate plans for the car park modification are expected to go on display in coming weeks.
