Developer Matt Tuck told the Otago Daily Times this week enough contracts had now been signed to ensure construction work could begin - probably in August but possibly as soon as May.
"We're away. We're into it,'' Mr Tuck said.
The proposed three-stage complex in Lakeside Rd would comprise 44 apartments, which are on offer for between $1.5million and $2.2million.
Mr Tuck said recent sales had been to American skiers, "high-net-worth Kiwis'' and locals who planned to relocate from Wanaka homes.
The top-priced penthouses were first to go, Mr Tuck said.
Stage one would include a restaurant and 13 apartments, of which just four apartments remained unsold.
Mr Tuck, who is managing partner of Multiplied Investment Partners, said the company had spent a significant amount of money drilling on site since October gathering information about underground water issues.
"There's less than half the amount of water on the site that we thought.
"It's probably more like a third ... which has just put us in a really good position.''
It had been planned to construct four small streams to carry the water off the site but now it seemed likely there would be a need for only two.
"It's quite a positive thing for us.''
He was waiting for architects and consultants to complete building consent documentation, but hoped it would be ready to lodge with the council by the end of March or the start of April, Mr Tuck said.
While he had assurances the large amount of concrete required could be poured in winter, he was "a little reluctant'' to start then.
"So August is probably a more realistic start date, just to get on the other side of winter.''
Stage one would take a year to build, but a start would be made on stage two before stage one was completed, Mr Tuck said.
The development was begun by Infinity Investment Group Holdings, which was sold to Multiplied Investment Partners last year.
