Construction stopped at the sixth floor stage of the planned 17-storey Prospect Place scheme on Cardiff Bay and the project has been mothballed ever since.
But Bellway has revealed new plans to restart the scheme as the City’s housing market shows signs of life.
A report by walesonline said Bellway has applied to Cardiff council to change the layout of the tower, known as Block T, with 10 of the apartments becoming two-bedroom from one-bedroom.
If approved, an extra 25 car parking spaces and 38 bicycle storage spaces will also be added to the scheme.
The application states Prospect Place was “significantly affected” by the global downturn which caused the market for apartments in Cardiff to “dry up”.
It adds: “Given the flat market and reduced prices, smaller units are being overlooked by buyers who are able to exploit the opportunity to buy larger apartments.
“Therefore, this planning application increases the number of two-bedroom units and optimises the unit sizes throughout the block within the constraints of the existing planning permission.”
Bellway’s corporate affairs manager Julian Kenyon said that if the proposed changes are approved, work would restart on the tower early next year.
He said: “Following the completion of our successful Quayside development we wanted to maintain momentum in Cardiff Bay, and we are confident that the level of demand will support the completion of this landmark building at Prospect Place.”