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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, kayak, fun-boat and bicycle hire venture.
Golfers would aim for a floating pontoon positioned 95m into the harbour, and stand to win a $10,000 prize if they scored a hole-in-one.
An Environment Court appeal against the consent decision was resolved earlier this year, and work on the concrete pad was the first sign of activity at the site.
The venture is scheduled to open this summer.