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Winton Partners, a company linked to developer Chris Meehan, has applied for resource consent to build a hotel, restaurants, a day spa and "wellness retreat'' at Waterfall Park.
Waterfall Park, a steep-sided valley between Arrowtown and Lake Hayes, shares a boundary with Millbrook Resort.
Winton Partners general manager Oliver Leighs said in a media statement a team of architects, ecologists, engineers and heritage experts had been working on the project for the past nine months.
The development would allow public access to a spectacular waterfall and an "extensively restored natural landscape''.
The restoration of stone farm buildings on Ayrburn Farm would be central to the development, Mr Leighs said.