Developer Ray Grehan has submitted fresh plans for his high-rise property development in Howth, Co Dublin, which will substantially slash the scale and value of the project.
The number of residential units has been reduced by 100 to 286 and he has also dropped plans for an 11-storey hotel.
An Bord Pleanala had refused planning permission last April for the original project, which could have been worth €400m at the market peak.
While house prices in Dublin have fallen by more than 50pc from their peak, it could be worth about €120m.
Mr Grehan said last night the altered plans and the omission of the hotel would address the reasons for An Bord Pleanala's refusal.
"In the current market it is difficult to assess the value of the project, but we hope to achieve an average of around €400,000 per apartment," he added.
Asked if NAMA had funded the planning application, Mr Grehan said: "We received NAMA's approval for submitting the new plans but we funded the plans ourselves."
On funding of the new development, he said: "It will be up to NAMA or we may bring in a third party."
Located next to Howth Dart station, the original project was designed by internationally renowned architect Norman Foster to offer high-rise sea views over the picturesque harbour village as well as the nearby beach and bay.
The new plans for Mr Grehan's company, Glenkerrin Homes, were designed by Dublin architect Paul Dooley of Duignan Dooley.
The reduced plans will include a number of buildings ranging in height from one to seven storeys. The 286 residential units will include 281 apartments located in seven blocks. There will be five two-storey houses for settled Traveller families. Some 23 of the apartments will be affordable homes.
The number of retail units has been reduced from five to three and the number of offices from nine to two. Plans for a leisure centre are retained and it will include a swimming pool, gym and creche.
Mr Grehan paid about €60m for the 11-acre site.