Boston Development Group and Newton-based National Development have formed a joint venture to develop a mixed-use project including a hotel at the former Circle Cinema property at Cleveland Circle.

A 162-room hotel, 92-unit residential complex and retail space were approved for the site at the corner of Beacon Street and Chestnut Hill Avenue by the Boston Redevelopment Authority in June. The plans will be modified to decrease the building area, developers said this week. The residential portion – previously envisioned as luxury housing – will be an age-restricted community, developers said.

“Our combined team will work to move the project forward, with an anticipated mid-2015 construction start,” Ted Tye, managing partner of National Development, said in a statement.

Charles River Realty Investors of Newton will provide the capital for the project.

Developers have formed a new design team of Boston-based Elkus Manfredi Architects, engineering firm Stantec of Boston and Cranshaw Construction of Newton, which will provide predevelopment services.