The $70 million retirement village project - first associated with Wanaka farmers Peter and Dee Gordon - is expected to also create 50 new jobs, a press release from Aspiring Village says.
Work has recently started on stage one of the development, which includes 12 two- and three-bedroom stand-alone villas and a communal lodge to house a spa pool, gym, media room, library, dining and lounge facilities.
The Gordons joined forces with Arrow International founders Ron Anderson, of Dunedin, and Bob Foster, of Christchurch, and Auckland company accountant Aaron Armstrong, in July to take the project to the construction stage.
Mr Armstrong, managing director of the project, said that the first stage of construction would contribute $6 million to the local economy.
The first villas in the complex were scheduled to be completed by April, with subsequent buildings and facilities ready between June and December, he said.
A total of 110 villas are planned for the retirement village, which will also include 46 apartments, a 65-bed hospital, rest-home, dementia care facility and common facilities.
"We expect the entire development to employ up to 50 people from Wanaka, Queenstown and surrounding areas and contribute over $100 million in total over the 10-year development timetable," Mr Armstrong said.
Villas are expected to range in price from $395,000 to $600,000.
The Aspiring Lifestyle Village is the second retirement complex, aimed at elderly residents, to begin construction in 2009.
Work is well under way on Presbyterian Support Otago's $8.5 million apartment complex expansion to its rest-home facilities at Elmslie House on Meadowstone Dr, Wanaka.
Construction of the 14-villa, eight-apartment life care facility started in September.
The last of three proposed retirement villages for Wanaka, the controversial Stoney Creek Village proposal, off Mt Aspiring Rd, is scheduled for a three-day resource consent hearing at Edgewater Resort, starting on Tuesday.
