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Wooing Tree owners Steve and Thea Farquharson are seeking a 50% joint venture partner to purchase and develop their 25.4ha site, which is bounded by State Highway 6, State Highway 8B and Shortcut Rd near Cromwell.
The Wooing Tree wine business is not for sale, and will continue to operate from the site among the development's planned retail zone.
A plan change that allows the development - described in a statement from Sotheby's International Realty as "a boutique vineyard village, comprising premium residential, retail and commercial space" was recently signed off.
The Central Otago District Council hearings panel held a hearing into the plan change in November 2017 and released its decision in February 2018, allowing the plan change, with conditions.
However, a group of submitters - Lakefield Estate Unincorporated Group - opposed the decision and mediation was held.
The mediation was resolved and the council's planning and environment committee subsequently approved the plan change, which became operative on February 20 this year.
The actual "Wooing Tree", after which the vineyard is named, would take "pride of place" in a public green area, the Sotheby's statement said.