The former Ann Street Brewery site could be turned into more than 260 new affordable homes if plans due to be submitted next month are approved.
Andium Homes plans to build 172 one-bedroom, 85 two-bedroom and five three-bedroom apartments on the site, along with underground parking for 65 vehicles.
Several listed buildings on the site are due to be kept and refurbished - including the eight-storey former brewery, which was last used in 2004.
Previously, plans to build 271 apartments on the site were refused after concerns were raised over the loss of historical buildings, as well as the impact on traffic in the area.
Drop-in consultation sessions are taking place in the community room at the neighbouring De Quetteville Court from 3-6pm today for islanders to look at the plans and have their say.
The plans are due to be submitted for planning approval at the end of May.