Measuring 3m by 7m and weighing two tonnes, the sculpture will be set on a concrete plinth and welded and bolted into place early next year.
It is to be put near the existing playground and recreation area fronting the main road through Roxburgh at the southern end of the town.
In 2007, the Teviot Valley 2007 Society Inc was formed to recognise and celebrate the 150-year milestone, and commissioned Roxburgh metal artist Bill Clarke to design and build a monument.
Society chairman John Rowley, of Mt Teviot Station, hoped people involved in the agriculture and horticulture industries throughout the Teviot Valley over the past 150 years would "take ownership" of the structure by purchasing a space on it, where their names and family details would be recorded.
"That's how we are funding it. We want all the locals and people who have lived here in the past to be a part of it, so it will reflect the heritage of the valley," Mr Rowley said.
The three-dimensional "weathering" monument depicts a runholder and his dog in front of the Teviot Valley landscape, complete with the Clutha River running through it, the Teviot woolshed frontage, and a representative pioneer cottage.
A small aircraft stands for top dressing, and other objects to be added include a farmer's wife, a Land Rover vehicle, a man on his horse, a falcon, and the odd orchard tree.
"It's still a work in progress and has been designed to last a few hundred years at least.
We are unaware of any artwork like this anywhere in New Zealand," Mr Rowley said.
He said despite unanimous support from the Roxburgh Community Board, the monument required resource consent from the Central Otago District Council, which set the project back about 18 months.
Mr Rowley said its physical depth was restricted, so children could not use it as a "climbing wall".
It was the largest single piece of work Mr Clarke had done during 15 years as a metal artist, and would comprise about 1000 hours' work.
Mr Clarke said the steel used was known as cor-ten steel, which comprised copper and alloy, and turned a rich copper colour when weathered.
"It's perfect for the outdoors, because the more it gets wet and dries the better it will look. The copper and alloy make rust particles form very close together and once it turns that coppery colour the steel stops itself from rusting or deteriorating further," he said.
Once in place, the monument will be given to the Roxburgh Community Board as a ward asset.
