Outline planning approval is being sought for a new £14 million hotel and spa on the shores of Carlingford Lough.
An application for the development has this week been submitted to Newry, Mourne and Down District Council for consideration.
It refers to a 35-acre site at Greenpark Road in Rostrevor.
The man behind the four-star hotel and spa is Miceal Tinnelly, who says he wants to target the upper end of the tourism market.
A number of public consultation events had been held prior to the formal submission of the application for outline approval.
Known as the Seven Hills Hotel and Spa, the development would sit facing out on to Carlingford Lough at the foot of the scenic Mourne Mountains.
Papers submitted with the application indicate that some 70 jobs would be created if the work is allowed to proceed.
Mr Tinnelly believes there is a real need for such accommodation in the area and the plans would represent a huge investment and boost for the local economy.
It has been a long time to get to this stage.
Previously, the businessman had applied in 2008 to build a 5o-bedroom hotel and spa on the same site, with approval given in September 2011.
He is now seeking to double the size of his original intended development.
The hotel would consist of 100 en suite bedrooms, together with two function rooms, two lounge/bars, and a restaurant. The top quality spa centre, would include a pool, as well as fitness suite and fully equipped gym.
In May, more than 40 people attended a public viewing of plans in the Presbyterian Hall on the Warrenpoint Road in Rostrevor.
All those attending signed a book pledging their support.
Mr Tinnelly has said he is delighted that the hotel and spa has received such widespread backing.