A new design concept for the 38,000 seated stadium was launched at Belfast City Hall on Wednesday as part of the consultation.
The new stadium, which will be built on the existing Casement site, will have a new playing surface and modern facilities including corporate resources, player facilities and warm up area, a crowd control centre and a press centre.
A contribution of £61.4m from the NI Executive through the Department of Culture, Arts and Leisure and GAA investment of £15m will fund the project.
The new park will aim to attract significant events worth up to £15m to the local economy and sustain 1,500 jobs in the construction sector when it is redeveloped.
It is hoped the stadium will be finished in time for the 2016 GAA Ulster Final, which will move from Clones in Co Monaghan.
This key redevelopment for the GAA will bring a range of sporting, social, economic, health and community benefits to the area.
Minister for Culture, Arts and Leisure Carál Ní Chuilín
John Crossey, chairman of the Moorelands Residents Association, said he has been given a list of nearly 40 points of concern from those in the local community regarding the redevelopment.
"It's a positive thing as long as it doesn't infringe on the rights of the local residents," he said.
"We're in negotiation with the GAA on a monthly basis and it's part of the consultation process."
The Casement Park Stadium Project Board, who manage the project on behalf of Ulster GAA, has been conducting a local community based consultation with residents and community groups since April 2012.
Tom Daly, chair of the board, said they have taken on board their issues and the second phase reflects feedback they have received so far.
"The input of the local community has been vital to our design team who have been able to adapt the design and our overall concept to ensure that the project complements and enhances the local environment," he said.
"Our overall aim for Casement is twofold, firstly we want to achieve the strategic requirement set by the GAA in 2002 which will see us develop a fit for purpose Provincial Stadium and secondly we want the stadium to be a social and economic driver for Belfast and the entire Province."
Ulster GAA President Aogan O'Fearghail added: "This project will be a regeneration anchor for the entire City of Belfast and Ulster GAA is proud to be leading on process that will assist the regeneration of the economy.
"We strongly encourage feedback from all stakeholders and I look forward to the Stadium Board progressing the planning application once this phase of consultation is complete. "
The consultation process will last until the end of April 2013 when a community consultation report on the stadium will be published.
Plans for the stadium redevelopment will be on display across venues in Belfast, including Andersonstown Leisure Centre, Falls Leisure Centre and City Hall.