BaseCamp owner Allan Dippie bought the building in August, last year, as part of a purchase of land for his Willowridge property development company's West Meadows subdivision.
Mr Dippie said Willowridge Ltd had decided to purchase a franchise with the New Zealand Lone Star chain to cater for a gap in the Wanaka market for a "family orientated restaurant".
The Otago Daily Times understands Lone Star had also made inquiries about opening a restaurant at waterfront bar Shooters.
The closed cafe and bar facilities at BaseCamp will be redeveloped as a Lone Star restaurant, to open in November.
Mr Dippie also intends to reopen BaseCamp's indoor climbing wall in September, as part of a rejuvenated Wanakafest programme, which Willowridge Ltd is sponsoring this year.
Further plans for the BaseCamp building included a boutique double-screen cinema, he said.
BaseCamp Wanaka was built in 2006 and opened in October that year for the Oceania Sports Climbing Championships.
The business was put into liquidation with debts of more than $4.1 million in August 2007.
Former BaseCamp Ltd director Stewart Blennerhasset subsequently bought the building for $3.1 million, before he closed the doors in May 2008 and offered the property for sale.
