The February 12 ceremony comes after Australian developer Ninety-Four Feet last month paid the council $8 million to secure the first parcel of what used to be the 10ha Queenstown Motor Park.
In turn, it follows the 2019 signing of a development agreement between Ninety-Four Feet, triggering a council spend of about $70 million on civil works.
The first stage of The Roto Collection, for which Auckland-based CMP Construction has been appointed lead contractor, comprises two residential towers and a co-living hotel that has a new accommodation/housing model for the area.
They will together house 224 apartments spread over buildings ranging from nine to 12 levels.
"Breaking ground represents the culmination of years of planning, collaboration and commitment from a team of experts whose deep passion has shaped Lakeview Te Taumata into a project of international quality," Ninety-Four Feet managing director Dean Rzechta says.
Council strategic project manager Paul Speedy said the start of construction was a significant step towards its original vision "to deliver compact, high-quality urban growth near the CBD, balancing housing, infrastructure and amenity in a way that strengthens the town’s long-term viability and identity".
In a statement last month, the council noted the $8m is the initial payment of what will be $75m-plus through the seven-stage development, plus any profit share.
Five percent of proceeds will also be given to the Queenstown Lakes Community Housing Trust to deliver more affordable housing.
More than $150m in pre-sales have been secured to date, including the record-breaking $33m sale of the penthouse and sub-penthouse floors — said to be the highest apartment transaction in New Zealand history.
"We’re seeing unprecedented interest from buyers who recognise the long-term value of Lakeview," local New Zealand Sotheby’s International Realty (NZSIR) sales associate Myles Green said.
"The combination of location, scale and design quality is unmatched in the region."
NZSIR managing director Mark Harris said his company was "very proud to be representing Lakeview as the chosen sales and marketing partner, and are very excited to get to this point after three or four years of extremely hard work by everyone involved".
Stage one is due for completion late next year.
However, the entire project — including 1000-plus residences, boutique and six-star hotels, laneways lined with restaurants and bars, art galleries, retail spaces and a hot pools and wellness attraction — is expected to take about 15 years to complete.
