The mixed purpose development, to be called Seascape, is planned for a 15ha block of land bordered by Meissner, Weinam and Salisbury streets.

It was first proposed in 2004 but was put on hold in October 2008 after one of the previous developers, Petrac, went into receivership.

Developer LM Investment Management took over the project, which it hopes to build in stages in line with what Redland Shire Council approved in 2006.

LM Investment said the site's development would be a vital contributor to the Redland City Council's Housing Strategy which aims to deliver an extra 21,000 dwellings by 2031.

When completed, the site will include 159 town houses, 293 apartments and a 120-bed assisted living building along with a 162 unit development managed by Tall Trees.

It is also envisaged the site will eventually contain 3200sq m of retail, commercial, community and leisure facilities along with "conventional" housing.

There are already 39 aged care units and eight "courtyard" houses on the site.

The units are up for sale with the assisted living apartments starting from $378,000.

LM Investment development manager Scott King said the development would start in the second half of this year and he was lodging development applications now.

"The first stage of planning has been approved for the site by council in 2006 and we're now up to the building application stages.

"In November, Tall Trees and LM Investment Management lodged an application with Redland City Council to build the next 93 units.

"We are lodging a number of development and building applications this year which will see the construction of a range of housing options both retirement and traditional residential.

"There is no high-rise development on the site but there are town houses and semi-detached houses which will have courtyards.

"We have the ability to roll out this development as quick as the market takes this up so if we achieve a good sales rate, we can keep on building until we deliver that plan of development," Mr King said.

Mr King said he was not concerned about the "slow" real estate market as units and houses in coming stages of the development would be available to buy off the plan.