Details of the third and final phase of a controversial 200-home development off Reynell Road, Ogwell, have been published.
Midas Homes Ltd has submitted a planning application to Teignbridge Council seeking approval for 46 properties, a nature reserve and children's play space.
The two, three and four-bedroom properties would be for sale on the open market, affordable homes having been included in phases one and two.
The latest houses would feature a 'simple palette' of materials such as pitched slate roofs, wood cladding and render.
The application said: 'The key to any residential development is to make the housing simple yet sustainable and ethically pleasing, and of our time.'
Midas has warned that a ten-year biodiversity management plan for the whole site, referred to as Ogwell Cross, could be affected by the recession.
It said the 'dramatic' downturn in the housing market could have 'serious' implications, as the scheme had to be funded from a levy that was to have been charged on the new homes.
Land director Russell Baldwinson said the firm had to find an 'equally sustainable but more cost-effective' means of managing the open space.
Without revealing details, he said Midas was not well placed to make further contributions to the management plan.
'The profit we would have expected from the site when we acquired it a couple of years ago is significantly more than we would achieve now,' he said.
'We are trading our way out of the current situation. Developing sites such as Ogwell Cross is about generating turnover. The amount of profit is not perhaps what people would expect.'
Midas' latest bid follows earlier permission for two phases totalling 147 new homes, the contemporary design of which reminded one councillor, Jeremy Christophers, of a 'Costa del Somewhere'.
The whole scheme sparked controversy when given the go-ahead in 2006 by the then secretary of state, Ruth Kelly, having been turned down by all the local authorities and the planning inspectorate.