The preliminary plans indicate the development will include several mixed-use buildings and a green pavilion area.
The cuts would also eliminate bus route 86 and shorten bus route 83, which both run through College Park.
The discussions come after the city apologized for its role in the displacement of two-thirds of the Lakeland community.
The council plans to officially establish the steering committee at next week’s meeting.
The city council passed an amendment to the nuisance ordinance Tuesday night.
The city has until mid December to spend the remaining funds provided by the CARES Act.
Some community members are still concerned the housing isn't affordable for students.
A detailed site plan will follow the preliminary plans soon, according to the city planning director.
They presented a virtual presentation to members at the Nov. 10 meeting.
The College Park City Council approved further development projects in the city during a meeting last month.