Two developers have been asked to draw up design plans for a 240-berth marina at Frankton.
Four developers lodged expressions of interest with the Queenstown Lakes District Council after it decided to readvertise the project.
Queenstown Marina Developments had resource consent for the project but the council terminated the agreement because the company had failed to meet a number of key requirements within the agreed 12 months.
Council project manager Ken Gousmett said the council's working party had selected two developers to proceed to the design stage.
They would meet the working party later this month.
"They've been asked to come back to meet with the working party and provide more information before developing their preliminary designs," he said.
Councillors would then select the preferred company from the designs and costings.
He declined to disclose who the two developers were.
Queenstown Marina Developments completed its resource consent for the 3870sq m onshore development and the 240-berth marina after lengthy Environment Court appeals were settled in September.
The company's director, Buzz March, declined to say whether he had been one of the two developers selected.
He had submitted an expression of interest outlining the project for which his company had consent.