They include the costs of the so-called "revamp", the loss of car parks, and the impact on retailers.
People are also wondering whether the council can buy several blocks of privately owned property next to Bullock Creek, including the Masonic Lodge, to create a town square in Dunmore St.
The first opportunity to raise issues is a public forum at Tuesday's Wanaka Community Board meeting.
It is to be held at 9am at the Lake Wanaka Centre. The strategy will be released for public consultation next month.
Board chairman Lyal Cocks said yesterday no figures had been worked through because the strategy applied to existing and future projects.
"It is a strategy. It may never happen," he said. "The last one was done in 1986 and that never happened.
"There's actually been three strategies, I think," Mr Cocks said.
The ideas were a guide for future development.
"They had to go through the annual planning process, and that would not happen immediately.
"Some recommendations might need tightening, but others could be done quite simply.
"The strategy would give the board a mandate to fight for more project funding," Mr Cocks said.
He confirmed the town square proposal involved the site of the Wanaka Masonic Lodge and two adjacent car parks.
One car park is on council land, the another is owned by the masons, who use it to raise funds for community projects.
It is understood the masons rejected a council approach to buy the land about a year ago.
Wanaka Masonic Club treasurer and car park revenue collector Gordon Girvan said yesterday the town centre strategy was "long overdue" and described it as an "excellent idea".
Mr Girvan said there were about 40-45 masons.
Not all would support selling the building, which recently increased in value from $600,000 to $1.6 million.
Property prices meant finding a replacement could be difficult.
"Say we decided to sell it - where would we go?" The car park provided about $20,000 in annual funding for community projects.
Losing the 24 parks, plus at least 30 more from the council park, would create problems because people liked to park as close as possible to the shops to avoid a walk, Mr Girvan said.
"Car parking is an absolute problem in Wanaka. That's one of the things council has to address," he said.
The hall is more than 80 years old, but it does not have a special historic status. Mr Girvan said its roof was sagging in need of repair.
Wanaka businessman Steve Schikker co-owns 99 Ardmore St, which he and others built 20 years ago.
He didn't think a town square immediately behind the three-storey building would be right when improvements could be made to the lakefront, including the removal of lakefront car parks to provide more recreation space.
Mr Schikker supported the purchase and demolition of the Masonic Lodge and creation of public green space next to Bullock Creek but felt the council-owned car park would be better sold to a private developer for a retail complex.
"And I would strongly disagree with downgrading Ardmore St too much. It is a vital link in town," he said.
Having a town centre vision and forward planning was "fantastic", but he wondered whether resources might better be directed at having improving sports grounds and facilities.
Ritual Cafe owner Chris Hadfield said he supported better integration between the town and Bullock Creek.
He also supported a village green on Dunmore St.
The green could be used for weekend markets and it would be a sheltered place to sit outdoors on windy days.
