Neptune Group, the London-based property investment agency, will submit revised plans within the next few weeks for a £165m mixed-use development a stone's throw from the Olympic Stadium in East London.
Neptune Wharf's initial proposal for the Olympic legacy zone included 800 new homes and 110,000 sq ft of commercial space as part of the regeneration of the Fish Island close to the Olympic Park.
Additional plans submitted in the planning application submitted late last year, also included a new primary school and over a hectare of open spaces.
However, the application was severely criticised by planning body, the London Legacy Development Corporation.
It is understood that the new plans will see building heights reduced and more public space created.
Architects Stock Woolstencroft have been appointed to design the project on Fish Island, to the west of the Olympic stadium site and outside the parameters of the Legacy Communities schemes
Neptune acquired the site in 2004 in order to sidestep compulsory purchase orders relating to the Olympic redevelopments.
Patrick Heffron, director of the Neptune Group, recently said: "We committed to Fish Island well ahead of the 2005 Olympic announcement, and we are delighted that after several years of detailed discussions with the various planning agencies we now have a policy platform and agreed framework under which the Neptune Wharf scheme can come forward.
"We now expect to see many more privately driven proposals come forward in this exciting Olympic fringe area."