CHICAGO (CBS) — As they prepare to seek zoning approval for a massive mixed-use project along the North Branch of the Chicago River, the developer of the proposed $5 billion Lincoln Yards project has submitted a new plan that includes fewer, smaller skyscrapers, and more park space.

Sterling Bay is seeking City Council approval for the 70-acre project along the Chicago River, between Lincoln Park and Bucktown, an ambitious plan to transform a quiet swath of land into a lively hub for sports and parks and recreation–with offices, hotels, apartments, condos, a soccer stadium, music and entertainment venues, and an expansion of the 606 bike trail.

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Rendering of a birds-eye view of the Lincoln Yards development, along the Chicago River between Bucktown and Lincoln Park. (Credit: Sterling Bay)

The original plan had called for some buildings as tall as 70 stories, but now Sterling Bay is seeking a limit of only 50 stories for skyscrapers within Lincoln Yards, with a total of 100 fewer stories of building height.

Sterling Bay also is expanding its plan for park space, from a total of 13.4 acres of open public spaces in the original plan to more than 20 acres.

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Revised plans for open space in Lincoln Yards. (Credit: Sterling Bay)

The new proposal also includes a new transit center, including one of three new water taxi stations on the Chicago River, an extension of the 606 bike trail, and a relocated Metra station.

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Rendering of a proposed transit center in Lincoln Yards, including a Metra station, an extension of the 606 bike trail, and one of three new water taxi stations. (Credit: Sterling Bay)

Developers estimate the project will spur $4.12 billion in annual economic output, and provide 23,000 on-site office, retail, hotel, and other jobs once complete.

The entire project would take about a decade to complete, according to the developers.

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Rendering of a proposed Chicago River lookout in Lincoln Yards. (Credit: Sterling Bay)

The Lincoln Yards site was included in Chicago’s pitch of possible locations for Amazon’s second headquarters before the online retail giant opted to split HQ2 into two sites in New York and suburban D.C.

The revised plan for the site will be officially unveiled at a public meeting Thursday night.

Rendering of a soccer stadium and other entertainment venues planned for the Lincoln Yards development project along the Chicago River on the North Side.

Rendering of a soccer stadium and other entertainment venues planned for the Lincoln Yards development project along the Chicago River on the North Side. (Credit: Sterling Bay)