The historic hall was closed in March last year because of its high risk of collapsing in an earthquake. Since then, several meetings have been held with the community to determine the design of the replacement facility.
The Coronation Hall is owned by the Central Otago District Council but the Bannockburn Community Centre Management Committee Inc managed the facility as well as the nearby community-owned church.
In its long-term plan, the council has said it will provide a grant totalling $204,000 in 2013 and 2014 towards the rebuilding of the hall, from Cromwell ward funds. At the same time it will transfer ownership of the facility to the management committee.
Committee convener Matt Dicey said tonight's meeting was an opportunity for the community to have a say in the external look of the new hall - one of the last major elements to be decided.
"It's a very personal, emotive connection that people have with the hall, so we're hoping they'll come along and tell us what they think about two quite different concepts for the external appearance of it."
The key design cue was the community-owned church, which should be a reference point for the hall appearance, the committee said.
Committee chairman Jim Walton said no estimates were available for the cost of the replacement building because details were still being finalised. The next stage, once the external appearance was decided, was to further develop the working drawings, and prepare estimates.
Although the community had wanted the facility replaced quickly, it all came down to funds and the township had to be "pragmatic", Mr Walton said.
"We're totally relying on the likes of funding agencies for the major cost, with the community fundraising for the internal outfitting and furnishings," he said.
"It's all step by step and one day, we'll have a nice new hall that the community can be proud of," Mr Walton said.
The community meeting about the Bannockburn hall rebuilding is at the Bannockburn Church at 7.30pm tonight.