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Multiplied Investment Partners managing partner Matt Tuck said work on the $85million, 44-apartment complex overlooking the Wanaka marina would start in a year.
Queenstown Lakes Mayor Lyal Cocks said this week he was keen for the council to work with the developers as plans were made for new car parks and other facilities at the northern end of Roys Bay.
Mr Cocks said fill taken from the apartment site could be used to reclaim land needed to extend the marina car park.
''It would be ideal to be able to just move it across the road rather than cart it out of town.''
Council recreation planners were working on other improvements for cyclists, pedestrians, skateboarders and entertainers to the lakefront land, from the marina to the bottom of Helwick St, in the CBD, Mr Cocks said.
The concepts would be put out for public feedback, he said.
The newly adopted Wanaka Lakefront Reserves Management Plan gives priority in the marina area to ''facilities that benefit and remain accessible to the local community''.
It envisages more space for car and boat parking, better pedestrian access and ''appropriate measures to protect native birds nesting''.
Mr Cocks said improvements being considered would include the creation of a ''sanctuary'' for grebes, which have become something of a tourist attraction.
The apartment development was ''very positive'' for Wanaka.
''It's a good site and it will be good to see a good development on that site.''
The apartments would add to the town's supply of upmarket accommodation ''and we could always do with a bit more of that in Wanaka''.
Lake Wanaka Tourism general manager James Helmore said he understood apartments in the Marina Tce complex could be rented out by their owners.
''In that regard it's fantastic.
''It's good to see some additional accommodation inventory coming online.''
Mr Helmore said high-end apartments around Wanaka had a ''very good uptake'' by visitors.
''It's a good level to be pitching [apartments] at.''
He understood ''a handful'' of other new accommodation projects were under way or being planned, but he could not be more specific.