The developers of downtown Burlington’s long-delayed CityPlace project offered city residents the chance to look at their latest design, which has been scaled back in both size and cost.

The plan reduces the total square footage by about 25 percent, to 763,200 square feet, and reduces it from 14 stories to 10. The original price tag of $225 million has been reduced by about half.

The project has been home to a gigantic hole in the ground since the demolition of the former Burlington Town Center mall and parking garage in the summer of 2018.

The latest design envisions 357 apartments – 72 of them designated as affordable. A 196-room hotel would be included, along with 550 parking spaces. The current design has room for 45,000 square feet of street-level retail space, about half as much as originally planned. Pine Street and St. Paul Street, which were separated by the original mall construction, would be connected again.

One potential snag: Brookfield does not have financing in place yet. Company officials say they’re exploring a range of options, but nothing has been signed at this point.

Still, the company hopes to start construction late this summer or early fall.

“We estimate that it’s a 27-to-30-month construction period to full completion and opening up, so that puts us at the end of 2022 or the very beginning of 2023,” project representative Kevin Calkins said during the second of two public information sessions Thursday.

Burlington resident Kevin Deutermann asked Calkins about Brookfield’s development agreement with the city.

“Because there’s been talk of that being amended and there’s been no mention of what that amendment would be,” he said.

Calkins replied that Brookfield is currently working on a draft of an amendment to the agreement.