Developers are being forced to scale back their ambitious £175m homes, hotel and marine academy plans for the former shipyard at Noss on the River Dart.

Noss owners say it is 'impossible' to carry out the original scheme in the face of the current economic climate.

Now Noss Marina Ltd – the consortium behind the massive scheme – has said it will have to cut back on the number of homes it is planned to build, along with offices and employment space, as it develops the 36-acre Dartside site near Kingswear.

It is also scrapping the plans to build a new lock and dry dock as part of the riverside scheme.

The company is now submitting new planning applications for the scheme in its bid top save as much as £15 million on the huge development project.

But the company still claims that the new look Noss scheme will still mean 300 'quality' jobs for local people.

And it is aimed to finally start development work on the site as soon as November this year.

Noss Marina chief executive Stephen Corner declared: 'The revised plans will include the development of private homes – albeit fewer than the 137 originally approved – the new Marine Academy, an expansion of the existing marina, a five star hotel, spa and conference centre, offices and employment space.'

The £100m masterplan for the regeneration of the disused old Philips shipyard was first unveiled as long ago as September 2007.

Planning permission for the scheme involving 137 luxury homes on the Dartside site along with a marine academy, a five star hotel, a spa, a conference centre and offices, was finally given the go-ahead in March 2010.

The company has revealed it now intends to submit revised planning applications for the 'Noss Vision' to the district council this spring.

Mr Corner said the main objective of the revised plans was to reduce the up-front infrastructure costs associated with developing the site which would enable work to star in November.

He explained: 'Our original plans, approved by South Hams Council in 2010, have proved impossible to implement in the current economic climate because of the very high initial infrastructure costs associated with developing the site.

'We are still working up the detail of the revised planning applications.'

He added: 'However, our aim is to cut infrastructure costs by around £15m by reducing the scale of various buildings, which will significantly reduce costs below ground to support the structures, and retain the existing slipway into the River Dart rather than replacing it with a lock and dry dock.

'These changes are likely to reduce housing numbers and lead to a proportionate reduction in office and other employment space.

'The new building for South Devon College's Marine Academy will also be moved from land adjacent to the site entrance to North Creek, allowing easier access to the existing slipway.

'We will consult the local community on the proposed changes, probably in April,' he said.

'The Noss Vision development is still expected to generate up to 300 quality jobs for local people and a significant financial contribution towards affordable housing and other community benefits for the local area.'