The proposal has previously received two planning permits from council, first in 2005 and again in 2009.
In both instances the permits have lapsed before developers were able to begin construction, despite extensions being granted on four occasions.
The new application is marginally smaller than previous incarnations imagined for the 18-hectare block and is expected to be completed across four stages.
The latest proposal would allow for construction of 250 bedrooms, down from 336, while 300 car parking spaces would also be built.
A report provided to council said the new proposal has a developer, finance stream and an operator.
”The smaller scale of this development will result in a lesser impact on the land and surrounding properties,” the report read.
While the facility will have one central owner, individuals will be able to purchase some of the chalets.
Birch Ward councillor Kate Redwood, who voted in favour of the development when it last appeared before council, said she held some concerns around the scale of the project.
“For me the charm of our small towns is the fact they’re small scale,” Cr Redwood said. “But if it meets (planning) criteria then we’re bound to support it.”
Hepburn Shire mayor John Cottrell said while he was yet to see the detail, he was broadly supportive of the project due to the economic benefits for the region.
While the advertising period was due to finish this week, it will almost certainly go before a council meeting due to the project’s scale.