A total of 71 one-bed flats, 83 two-bed flats, and 17 three-bed flats were initially planned, in blocks ranging in height from three to 11 storeys.
However, the developers decided to take these plans back to the drawing board, earlier this month.
Hyde has removed two floors from its original proposal bringing the building to below the height of the nearby Free Wharf development currently under construction.
The number of flats have been reduced by 12 to 159.
"All of the homes will be affordable, thanks to the funding Hyde receives from Homes England," a Hyde spokesperson said.
The amended plans also reduce the commercial floorspace by over 160 sqm and four additional car parking spaces have been provided.
Extensive landscaping and the planting of 25 semi mature trees are still a 'key feature of the proposal'.
Andy Hunt, associate director for land and planning at the Hyde Group said: “We spent a long time, together with Adur District Council, looking at how we could keep the poplar tree on site.
"However, there is a great need for affordable homes in the local area.
“There are many people currently on the council’s housing waiting list, who need a home of their own. So, we made the decision to remove the tree to provide the homes that are so desperately needed for the local community.”
According to Adur District Council, the application 'envisages 63 of the flats to be available' for social rent for people on the district housing waiting list.
The remainder of the housing will be available for shared ownership for those unable to get on the property ladder.
A revised landscaping plan has also been submitted, showing that the scheme proposes to plant 20 trees to replace one mature poplar tree.
"Hyde says the loss of more affordable homes and commercial space could not be justified to retain the tree," a district council spokesperson said.
"The council demolished its own building in 2017 to allow a proposal to be developed in the sustainable town centre site insisting they should be affordable and for social rent."
After a public consultation on the original plan, some residents expressed concern about the height of the 11-storey building.
Council leader Neil Parkin said: "This still has to be subject to the rigours of the planning committee and I am not going to interfere with that but in this case, as owners of the site, it was incumbent on me, and me alone, to discuss with Hyde the concerns of the public emerging from the consultation period.
"The result is this amended proposal which lowers the height of the building, reduces the density and adds more parking.
"It will be up to the committee to make the decision on the application but I was keen for the applicants to listen to the voice of the local community."
The planning committee will meet on March 2 to determine the application. In the meantime, the public is able to see details of the new application here, by searching the reference number AWDM/1450/21.
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