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The 76-room accommodation complex, which will provide rental accommodation for up to 304 people, is being built on part of a 7ha block owned by AC/JV Holdings Ltd.
That company is owned by Alistair Hey and Clark Proctor, of Queenstown.
The complex was stage one of a $150 million project and the balance of the land would become a "high-end business park", AC/JV Holdings managing director Mr Hey said.
He preferred not to announce any other details about the business park at this stage.
Central Otago District Council property and facilities manager Mike Kerr said there were not yet any other consent applications for the AC/JV Holdings land before the council.
The accommodation complex is on 2.5ha of the 7ha block, which runs along Cemetery Rd.
The land was sold to AC/JV Holdings by the council and the sale was announced in March 2016.
Some in the Cromwell district expressed concerns about the deal, worried the land had been sold too cheaply, and that there were then delays with the project.
The council has granted several extensions to the project, and the sale price will only be disclosed upon final settlement.
Mr Hey said many people would not realise how well construction had been proceeding.
Work on the accommodation complex had started late last year and was now half-finished and ahead of schedule, due for completion by August next year.
The project had been completely redesigned since first proposed and would provide much-needed accommodation in Cromwell, Mr Hey said.
The complex was initially going to be worker accommodation, including for seasonal workers, and feature dormitory-style rooms and shared bathrooms.
But all rooms were then redesigned as self-contained rooms with en suites to meet market demand, and the development would now not be restricted to seasonal workers, Mr Hey said.
The 76 rooms in the complex are split between two blocks, and separate kitchen-lounge and laundry buildings are being built.
They would be available for rent from next August or September, Mr Hey said.
AC/JV Holdings is also part of two major joint venture residential subdivisions in Cromwell and Alexandra.
The company is partnering with the council on both subdivisions, a 78-lot residential subdivision on 3.5ha of council-owned land along Gair Ave, in Cromwell, and another residential subdivision on 6.5ha of council-owned land north of Alexandra's Molyneux netball courts.