The proposal has the blessing of the Ministry of Education, which has offered the group a "closed school" lease over the $1.7 million property, which could require the group to be responsible for insuring and possibly maintaining the buildings.
Group member Christy Rolfe said before anything went ahead, the artists wanted to find out whether the community supported the idea, even though the site might only be available while the ministry goes through the site disposal process, which may take years.
The group will hold a public meeting at the school tomorrow from 4pm, to seek community feedback.
The group was informal and not affiliated with any of Wanaka's arts organisations, Mrs Rolfe said.
"We are not looking for commitment to work at this stage. We are looking for ideas and feedback."
The arts hub was not intended to replace the Wanaka Arts Centre, which is housed in a former Wanaka Hotel accommodation building behind the Wanaka Library and "absolutely" should be retained.
Before the property is sold on the open market, the Ministry of Education must determine the interests of other government agencies, local authorities, former owners of the land and Ngai Tahu.
• The Wanaka Primary School relocated to its new $21.5 million campus at Scurr Heights at the end of term three last year.
