Mystic — The Southport firm proposing to develop the former Mystic Color Lab site into 55 luxury condominiums has submitted a revised plan to the Stonington Planning and Zoning Commission for approval.

Edgewood Mac LLC submitted a plan this past winter but withdrew it in January after discovering a 2008 revised approval for the property that altered its comparison to the original 2005 permit for the project.

In addition, the commission requested more information about how the buildings would look. The new proposal includes various renderings of the buildings and details about their appearance.

After receiving approvals for the original project in 2005, the previous owners of the property tore down much of the building and began an environmental cleanup and site work before the project ceased because of financial problems. Edgewood Mac acquired the mortgage to the 5.5-acre site at Harry Austin Drive and Masons Island Road in 2009.

The commission will now schedule a public hearing on the four approvals needed for the project.

The $15 million Lighthouse Landing at Mystic project calls for four buildings surrounding an interior courtyard.

The application states that a financial analysis has found the project would generate $340,676 in annual taxes for the town and $162,130 in one-time fees.

After subtracting municipal and school costs, the project is estimated to generate a net financial gain of $208,215 a year for the town.

j.wojtas@theday.com