The Central Lakes Trust has announced a $650,000 grant for the $2 million project, to be located on the Lake Wanaka foreshore.
The money the project has received from grants in the past seven days has surpassed $1 million, after the Otago Community Trust announced a $400,000 grant last month.
Wanaka Watersports Facility Trust secretary Nic Blennerhasset said the project was "well on the way" in light of the two grants, and the building costs were expected to be $1.65 million.
"We’ve got a couple of other funding applications in and we’re confident we’re going to get there."
Ms Blennerhasset said the result of the remaining applications would be known later this month, while building consent would also be sought in coming weeks.
If consent was granted, she expected construction to start in September or October.
Last week, watersports trust chairman Michael Sidey said the facility would provide a lakeshore base for watersports such as rowing, swimming, kayaking and multi-sports.
The Central Lakes Trust also approved a grant of $37,450 to Coastguard Wanaka for replacement rescue boat engines, and a $26,100 grant to Wanaka Search and Rescue to go towards capital equipment and helicopter training.
"Search and Rescue provide a vital service for the region helping the lost, missing and injured in our rivers, hills and mountains in the Wanaka area," Central Lakes Trust chief executive Susan Finlay said.
"Approximately 90% of our operations involve helicopters. It is an essential health and safety practice that volunteers and responders are trained in correct manoeuvres to enter and exit helicopters in different situations," search and rescue spokesman Phil Melchian said.
