Investigations started four years ago, but it will be at least another three years before physical work starts on the facility.
Project manager Ken Gousmett told the Otago Daily Times since the council had identified the site, it had become "a real project".
"It's a great facility for Wanaka and it's very pleasing to have got this far."
Mr Gousmett said the project had been included in the council's long-term plan for 2015, and the budgeted cost for stage one, $15.2 million, inflation-adjusted to 2015.
That did not include the cost of the aquatic centre which would be part of stage two and had an estimated price tag of about $10 million "in today's dollars".
"It's still two to three years out [before physical works begin] and there are a couple of reasons for that. It helps council funding of the project and it allows time to do a formal design.
"We have funds for that now, and over the next two years we'll be working through consents and designs.
"That's more time than we need for those two things, but the reason for that [is under] the agreement with the landowners, we don't get a serviced site until around 2015 that's subject to formal agreements ..."
The 5.5ha site at Ballantyne Rd was partly owned by Willowridge Developments Ltd and Ballantyne Investments Ltd.
The designation would enable the establishment, operation and maintenance of an integrated indoor and outdoor sports and events facility.
"The outcome of [the] council's investigations and consultation with the Wanaka community has been identification of limitations on the provision of indoor sports facilities and this is restricting development of many sporting codes," the application said.
"Separately, it has become evident that the existing Wanaka pool cannot meet the growing needs of the community in the medium to long term."
The application said the building would be done in stages, the first stage comprising the main indoor sports hall, entrance and administration area, and connected concourse.
The main sports hall would be about 2700sq m and include space for three sports courts with multisport court options; potential storage space serving outdoor courts and fields; and provision for retractable seating.
The entrance area would have a reception and foyer; toilets and changing facilities; meeting rooms, offices and a members' lounge; and provision for food and beverage service, while the concourse area would allow for circulation space connecting the foyer and sports hall and future connection points.
"The future stages that have been considered and allowed within the conceptual site layout include an aquatic centre; a health fitness centre; a centre for excellence for sport; a two-court extension for netball/basketball and other uses; [and] a gym-sports centre."
Outdoor facilities included a full-size football field with high-quality turf and floodlights; a second full-size field for games and training with floodlights "and possibly grass replaced with artificial grass surface in the future"; a grassed area for casual public recreational use, part of which could be used for junior football/social games and training, possibly with floodlights; a play space; an outdoor paved court area; a "sand-filled artificial turf area" 61m by 40m; and the option for a wide perimeter track connecting with the cycle and walkway network, which could include a fitness trail.
The council was seeking a 10-15-year period to give effect to the designation, the first stage to be completed in 10 years and the second - an extension to the indoor sports building, an aquatic centre, health and fitness centre, gym-sport centre, centre for excellence for sport and extensions to car-parking areas - to be advanced in 15 years.
Submissions on the proposal close on August 16.
