The first stage of the Albion Exchange development has been given the green light from Brisbane City Council, with construction of the $750 million transit-oriented project due to commence later this year.

Brisbane-based developer Geon Property is behind the project, which includes a 10-stage development plan across four hectares of land in Brisbane's inner-north suburb of Albion.

The approved plans, with a maximum 81.5 metre height, come after significant consultation with council and community pushback, that will see the project include a 20-storey tower and a 19-storey tower, comprising a total of 253 units.

Geon scaled back the original plans in August last year, which included a 30-storey tower and a 23-storey tower, with a maximum 108.4 metre height, that would have comprised a total of 333 units.

Related: Dexus Moves Ahead on $2.1bn Eagle Street Pier Revamp

Geon Property's senior development manager Tim Rossberg says the suburb is expected to welcome another 4000 residents by 2036, with Albion Exchange positioned to “become the future heart of Albion”.

The project includes a public plaza which will connect the east and west of Albion Road, new food and beverage offerings, health and wellbeing offerings, retail and the two new multi-level residential towers.

“We are proud that the approved design includes 3,691 square metres of public green and open space – covering 61 per cent of the site area,” Rossberg said.

Related: Construction on $20bn Cross River Rail Hits Milestone

The approved plans will include improved access to the site, which include widening stairs, paths and capacity for multiple wheelchairs, prams and bikes.

“For those who will call Albion Exchange home, we have also retained a significant amount of communal open space – just under 2000sq metres.”

The site is owned by the Queensland state government and had been earmarked for redevelopment for a number of years.

The masterplan for stages two to 10 has also been lodged separately with the Brisbane City Council.