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Trust chairman Tom Pryde said work on the two projects began last week.
After three years of planning, work had begun on the upgrade of an accommodation building known as the annexe.
Also under way was preparatory work on an upgrade of the homestead's bedroom wing, which survived the May 23 fire.
The work was being carried out by Glenorchy builder Mike Kingan, who restored the homestead five years ago.
Meanwhile, the trust was waiting for a council consent for a third project, also years in the planning, to relocate Glenorchy School's former schoolhouse to Paradise for use as a function and meeting venue, he said.
The 102-year-old building would be cut into three pieces to be trucked to its new site.
Earlier this month, the trust received grants of $70,000 from the Central Lakes Trust and $30,000 from the Otago Community Trust for the annexe and schoolhouse projects.
The shortfall for the cost of the two projects will be met by a $60,000 bequest received last year.
When completed, the annexe and bedroom wing are expected to bring the trust's accommodation capacity back to its pre-fire level.
The trust is aiming to have all three projects finished by the end of October.
Its 129ha property at Paradise is used as an accommodation facility and venue for weddings and other events.