A report by Wanaka Community Board chairman Lyal Cocks released on Friday outlines John Charrington's voluntary efforts to consult art groups, approach potential funders and commission architectural drawings.
A charitable trust has already been established to receive funds and manage the facility and Mr Charrington is seeking a long-term ground lease of the council-owned site.
Cr Cocks will produce the architectural drawings at a board meeting on Thursday.
Mr Charrington said, when contacted, he would prefer not to release further details before Mr Cocks released them this week.
"I am a little reticent to talk. I am waiting for the council to give approval. Until it goes to the full board, I don't want to pre-empt anything," he said.
Mr Charrington has homes in both Sydney and Wanaka and supports other Wanaka arts initiatives, such as the Aspiring Arts Trust exhibition and prize.
The art gallery project was "very exciting and something that is long overdue" but fundraising would be hard work and the project still had a "fair way to go", he said.
Cr Cocks supports the project and is seeking similar expressions of support from his board colleagues.
"A serious proposal is being developed to build a new art gallery on the site of the current old arts centre in Wanaka ... [Mr Charrington] has started to identify and approach prospective financial donors with positive responses.
"Meetings have been held with all arts groups, including the Arts Centre Trust, with supportive responses. He has had discussions with Bruce Ainsley, the builder who built Brownston House, which is next to the arts centre, and who had detailed knowledge of this site," Cr Cocks said.
Mr Charrington was not seeking council funding.
"He expects to know of the success of the proposal within 12 months. I have forwarded details of the proposal to the (chief executive officer Debra Lawson) to commence the necessary council process. As part of that process, I am seeking community board support," Cr Cocks said.
Wanaka artists and patrons have long called for a new arts facility for the town. Former deputy mayor Sally Middleton, an artist, promoted the idea during her term in office.
Earlier this year, Fiona Campbell, a Wanaka art collector, Real Art Road Show Charitable Trust founder and Te Papa National Museum board member, also spoke out about the need for better local facilities.
