A public consultation has opened on the new proposals, which include a single tower rather than two skyscrapers, for the Jackson's Row area of the city.
The former Manchester United stars put the project on hold following criticism from conservationists.
Historic England said the plan was "getting there".
The revised proposals had the potential to "enhance" the area's character "rather than dominate it", it said.
The public body said the previous scheme threatened to "erase" the area's history.
The St Michael's development plan includes a five-star hotel, apartments, offices and a synagogue.
Neville said the scheme would make a "significant contribution" to the growth of Manchester city centre and create 1,500 jobs.
He said they had not shied away from the "passionate debate" on the original proposals and addressed the issues raised "head-on".
"At the same time, we have kept faith with our central vision of creating a true mixed-use destination with a signature development of the highest quality including residential living, Grade A offices, a five-star hotel, exciting retail and leisure units and world-class outdoor spaces," he said.
Work could start by spring or early summer 2018, subject to planning approval, he added.
The plans still include a new synagogue and a public square outside the Sir Ralph Abercromby, the developers said.
Catherine Dewar, from Historic England, said: "The new masterplan still needs work but it's getting there.
"The new proposals... have the potential to enhance the character of the Deansgate/Peter Street conservation area, rather than dominate it, as the previous scheme threatened."
Ms Dewar said the change to the plan for a single tower further away from the town hall and twisted around would have much less impact on the Grade II-listed Central Library, Grade I-listed Town Hall and Grade I-listed St. Ann's Church.
The former police headquarters and the Sir Ralph Abercromby pub "have soul and tell important stories about our city's past", she added.

Colin Nathaniel Scott, 23, fell into the spring in the Norris Geyser Basin area of the park in north-west Wyoming.
Authorities are now trying to retrieve Mr Scott's body from the spring but have so far been unable to reach it.
Springs in that part of the park, where boiling water runs under thin rock, can see temperatures of up to 93C (199F).
"It's very fragile rock and can be thin as a skiff of ice," said park spokeswoman Charissa Reid.
Park officials say Mr Scott and his sister had strayed some 200 metres (656ft) from a designated walkway. They recommend visitors do not leave trails in hydrothermal areas or approach wildlife.
On Saturday, a 13-year-old boy suffered burns after his father, who was carrying him, slipped into another hot spring in the park. The pair had also reportedly left a path.
Last month, a Canadian tourist put a bison calf into his car boot in Yellowstone as he was worried it looked cold.
The bison was then rejected by its herd, leading it to be put down.
Ex-footballers Gary Neville and Ryan Giggs's £200m plans to redevelop part of central Manchester have been revised.
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Officials at Yellowstone National Park say a man died after falling into a hot spring, having wandered away from a path.