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The recently formed Cromwell Cultural Centre Group is calling for ideas from the community over the project.
A public information and website launch gathering will be held next week at the Lake Dunstan Boat Club.
The group, which was formed last year, has previously expressed a desire for the 60-year-old memorial hall on Melmore Tce to be demolished and replaced by a new multipurpose cultural centre overlooking Lake Dunstan.
The project was expected to be funded through a mix of rates, grants and donations, group members said.
Group member Jessie Sutherland said the group was "close" to finalising its charitable status.
Ms Sutherland said there had been "overwhelming" support from residents via council's masterplan consultation.
"A new centre was supported by 87% of respondents so we're hoping everyone will now get on board and help us make it happen."
The group was now hoping to reach an agreement with the Central Otago District Council in which a centre could be built within five years once an arrangement with council had been established.
A provision had been made in council's latest masterplan report for a new arts and cultural centre for the town.