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Architects working for the 46-year-old are to submit a planning application for the development, 40 per cent of which would be on land that he already owns.
One of the architects, Mike Rundell, told the local planning committee last week: "Damien is a local developer. He lives locally, shops locally, owns local businesses and his children go to local schools.
"He cares about Ilfracombe and wants this project to have a positive effect on the town.
"He wants these buildings to be landmarks that will stand the test of time and create a blueprint for quality, environmentally sustainable developments across the country."
When councillors at Combe Martin District Council asked whether the homes would be affordable, Mr Rundell continued: "We are not expecting to make retirement homes for rich people coming down from London.
"We want these houses to attract young, creative families as well as people who already live here.
"It's our ambition to make them affordable but houses like these are more expensive than ordinary houses. I couldn't tell you specifically how much we are talking about."
The dwellings would include photovoltaic panels and wind turbines to generate energy along with the latest insulation technology to keep the heat in.
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