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LDG Development wants to build 281 apartment units in three buildings on nearly nine acres on a rare patch of undeveloped land in St. Matthews.
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LDG Development bought the empty site in December for $6.5 million.
A Louisville company is working on 10 properties around the city to help bridge the gap.
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LDG Development has a proposal to develop a property off Freys Hill near Westport Road and create 312 apartment units.
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The LDG Development project calls for 296 market-rate apartments. It would displace an existing apartment building, offices and the Plant Kingdom garden center and raze those structures.
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The new proposal for Prospect Cove calls for 178 units, or 20 less than the previous project, according to documents filed with Louisville Metro Planning and Design this week.