CHANNEL DISTRICT - A three-tower project that could include a hotel, residences and retail is moving ahead but with a scaled-down version for now.

Gibraltar Development Corp. will ask the city council on Thursday to rezone only half of its 22 acres, said Michael English of WilsonMiller, an engineering, planning and design company working on the project.

English said Gibraltar always had planned to develop in phases, but some of the office areas have been trimmed.

"Gibraltar would like to start tomorrow," he said.

About 298,000 square feet of office space is planned instead of 409,500. Retail space remains at 55,000 square feet.

Residential units have gone up from 812 to 1,105, project planner Evan Johnson said.

Of the plan presented at the Channel District Council meeting in November, the basics are maintained, English said. The acreage where most of International Ship Repair & Marine Services is located will include three public parks in the North Ybor Channel area. In the shadow of the Lee Roy Selmon Expressway between Ybor City and the Channel District, the property will also provide a new streetcar stop.

The property is next to the future site of Ikea, a Swedish furniture chain.

A 1,000-foot-long Harbor Walk is planned along the water, but Gibraltar doesn't plan boat slips because of port security concerns, Channel District residents were told.

Tad Humphreys, president of International Ship, said he spends 20 percent of his time on the company's relocation.

"I have a couple spots in mind," he said.

The International Ship property includes portions leased from the Tampa Port Authority. Humphreys said any timetable Gibraltar presents to him "would be doable."

The Clearwater-based Gibraltar also is developing the residential high-rise Venu on the southwest corner of Ashley Drive and Kennedy Boulevard.

Reporter Janis D. Froelich can be reached at (813) 835-2104 or jfroelich@tampatrib.com.