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The Environment Court has granted a resource consent for Skyline Queenstown's project, which includes new state-of-the-art gondola, a lower terminal building and a five-storey car park near the base of the terminal.
The redevelopment means an increase in the number of people who can use the gondola and more attractions, conference facilities and retail space in the resort.
The viewing deck will be expanded from 68sq/m to more than 400sq/m.
Skyline Queenstown general manager Wayne Rose said the project would be a boon for the local community and the country's tourism industry.
"This project is vital to ensure we cater to the demand of our visitors, as well as providing a premium facility that Queenstown locals can use and enjoy," he said.
"It will enable us to step into the future not only as one of New Zealand's most popular leisure facilities, but as one of the world's top leisure tourism attractions."
About 449 new car parks and a 650-seat restaurant will open as part of the redevelopment.
Detailed planning is under way and pre-construction site works were expected to start in coming months.
"The feedback we have received on the redevelopment from the wider Queenstown community, the New Zealand tourism industry and our stakeholders and many customers has been overwhelmingly positive and we are grateful for the support," Mr Rose said.
Construction is scheduled to start later this year.