Redevelopment of the former Boston Edison power plant in South Boston would get more parking and fewer housing units under an updated plan unveiled by developers this week.

Boston-based developer Redgate Capital Partners said it’s willing to subsidize MBTA bus service to the 15-acre site at 776 Summer St. It’s contemplating new pilot routes open to the general public, including additional inbound service to South Station via First Street or Summer Street.

Following more than a year of public meetings, Redgate said it agreed to provide additional on-site parking, while reducing height and density of structures. That trims the total buildout from 2.1 million to 1.93 million square feet over approximately 15 years.

The new proposal calls for 777 apartments, 567 condominiums, 368,000 square feet of office space, a 344-room hotel, nearly 86,000 square feet of retail space and nearly 1,400 parking spaces.

The parking ratio equates to one space per condo and 0.5 spaces per apartment, according to the submission with the Boston Planning and Development Agency.

Redgate hopes to begin demolition of some of the buildings in 2019, but revealed this week it plans to retain the original generator room building, which would be renovated as office space.

Redgate is partnering with Hilco Real Estate on the project.