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Universal Developments Ltd has lodged an application with the Queenstown Lakes District Council to subdivide its 1.62ha Tenby St site - previously occupied by the Wanaka Primary School - into 16 residential lots.
Lane Hocking, who lives in the Cardrona Valley and owns the Wanaka and Central Otago franchise for David Reid Homes, is the sole director and shareholder of the company.
Mr Hocking told the Otago Daily Times the company expected sites to be on the market within the next few months, probably by tender, and development would begin ''pretty much immediately'' after consent was granted.
''It will be all guns blazing soon enough. We're just fine-tuning the architectural designs and then we'll start our marketing campaign in full,'' Mr Hocking said.
The development had already attracted ''overwhelming demand'', particularly from ''older, wealthy people who are looking to downsize their property''.
The school buildings have been demolished and the school infrastructure removed from the low-density residential-zoned site, which is surrounded by Warren, Dungarvon, Tenby and Youghal Sts, just a few blocks back from the lakefront.
Universal Developments general manager Dan Curley said the zoning of the land permitted the establishment of 36 houses, at a density of one house per 450sq m.
''Our proposal will result in 16 lots now, which include 15 residential lots and one balance lot. The 15 lots include two subdividable lots (each over 900sq m), that will in future accommodate two freehold homes by way of future subdivision,'' Mr Curley said.
''The balance lot is to be developed into house and land packages, with land size being dictated by buyer demand.''
The overall development, known as Dungarvon Wanaka, was expected to accommodate between 25 and 27 freehold residential sites.
While the proposal complies with the minimum density for the zone, the subdivision consent is non-compliant in terms of the zone's minimum net lot area of 700sq m, as some of the proposed lots are between 600sq m and 615sq m.
Construction will be sub-contracted to David Reid Homes Wanaka and Central Otago, while Koia Architecture and Chris Norman Architecture have been engaged to create concept designs specifically tailored to site configuration within the subdivision.
''Clients will not be limited to concept designs, being able to design and build exactly what they desire, subject to maintaining development standards,'' Mr Curley said.
Buyers will have a fixed term to start their build.