The station was previously built in 1907 and closed in 1990. Two years later it was demolished.
The Lions Club of Alexandra has been backing the idea of rebuilding it and has formed a steering group of five people.
Convener Brian Croot said the "consultation had taken a lot longer than they ever imagined".
Architectural designer Matthew Anderson had drawn up the floor and elevation plans for its construction and once plans were completed they could price the construction of the building.
They would then be able to make funding applications to Central Lakes Trust, the Lotteries Commission and Otago Community Trust.
The feasibility study had been completed costing $15,000 which was funded by the Central Lakes Trust and conducted by Octa Associates Limited.
"It was very positive and identified a need for some facilities here for rail trail users," Mr Croot said.
There had been "a lot of support from the community" and "we get a lot of people ringing" about the progress of the station.
"We were lucky enough to get conceptual plans from archive New Zealand and photographs from Peter Wilson."
The photos of the original building from Mr Wilson, of Clyde, had been a big help, he said.
The replica building would have toilets, drinking water, information boards and shelter for people using the rail trail.
"The historical and heritage value is also important to us - the railway coming to Alexandra must have been a huge boost and it played an important part in Alexandra."
