The council last week signed a developer agreement with Melbourne-based developer Ninety Four Feet and Auckland-based investment company Augusta Capital.
Council strategic projects manager Paul Speedy said the council had been working with the consortium of Ninety Four Feet, Augusta Capital and The Britomart Hospitality Group, as well as Ngai Tahu Tourism and Well Smart Ltd on the plans to transform the 10ha site into "an extension of the Queenstown CBD. There will be courtyards, laneways, plazas, streets, and connected community spaces which draw the eye to the surrounding outstanding landscape and views''.
Initial site works would begin before the end of the year and infrastructure work associated with the subdivision was scheduled to start about the middle of next year.
Construction was estimated to take more than a decade and be phased over seven stages.
