If successful, it will be the first formal education facility to operate in Albert Town for 132 years.
The former Albert Town school - the first in the Wanaka district - opened in 1870 but closed in 1876 for lack of pupils.
Oanaka Educare opened its first early childhood education centre for 65 children in Connor Rd, Wanaka, in February.
The Albert Town centre would also cater for up to 65 children. The directors are Sandie and Barry Dodds and Chris and Dot Macfie. The two women are sisters.
"We plan to be open at the beginning of 2011 at the latest but we will review this in the first few months of next year, and if enrolments and waiting lists at this time substantiate an earlier opening we will look at the possibility of an early 2010 opening.
"But our agreement with [developer] Infinity is to be operating by 2011 at the latest. All this, of course, being subject to resource consent approval," Mr Macfie said.
The Upper Clutha area is going through a baby boom, resulting in pressure on early childhood education centres.
The completion of Oanaka's Connor St centre and the Central Otago Kindergarten Association's new kindergarten in Hawea Flat this year brought the number of early childhood centres in the district to five, helping reduce some of the pressure.
Population predictions are that all the centres will reach capacity by the end of 2010, the Oanaka Educare directors said in their application.
Based on enrolments for the Connor St centre, the directors estimate 66% of future enrolments at Albert Town may be in full daycare.
The Oanaka directors have contracted to purchase three lots in stage two of Riverside Park, close to a wetland reserve and a public walkway.
Infinity Investments Group has included the childhood education centre site in its master plan and applied for minor variations to its Riverside consent.
Mr Macfie said the Albert Town centre would look almost identical to the Connor St centre. It would have a 370sqm floor area, 17 car parks and meet Ministry of Education specifications.
The single storey, 5m-high building would look like a house and the playground would be protected by a 1.2m fence and screened by plants.
Oanaka Educare Ltd hopes to employ up to 10 staff in Albert Town and be open between 7.30am and 6pm.
Albert Town Community Association chairman Brian McMillan said he had not heard about the child care centre but "it's obviously going to be a good thing". With many young couples and families now living in Albert Town, the association would "certainly be supportive".
The association was keen to have more community facilities developed, Mr McMillan said.
