A $10 million marina project in Queenstown has gained the approval of the Overseas Investment Office.
The consortium behind the planned offshore floating marina includes United States multimillionaire brothers Nasser and Iraj Barabi, who each own 40% of Lakes Marina Projects Ltd. Queenstown man Alan Kirker owns the remaining 20%.
Mr Kirker said construction of the marina at Sugar Lane, Frankton, could not begin yet.
A lakebed lease from Land Information New Zealand was still needed.
"We can't award contracts or do anything until that comes through.''
The office's April 6 approval for the Iranian-born Californians covers three-quarters of a hectare at Sugar Lane and almost 7ha of the lake itself.
Stage one features a breakwater, 77 marina berths, 17 floating sheds, four buildings on land, a fuelling station and parking for up to 136 vehicles.
