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Dunedin businessman Peter Graham was granted resource consent last year to use the reserve south of the yacht club for the golf challenge and kayak, fun-boat and bicycle-hire venture.
Golfers will aim for the floating pontoon, positioned 95m into the harbour, and stand to win a $10,000 prize if they score a hole in one.
An Environment Court appeal against the consent decision was resolved earlier this year, and work has been intensifying since then ahead of a scheduled opening this summer.