Minister of Housing Megan Woods formally announced the partnership between the Government and Ngai Tahu Property during a visit to the site this morning.
Ms Woods said of the 350 homes planned by Ngai Tahu for the site, at least 100 would be apartments for first-home buyers.
"It's great to have the Government's support to get underway with this significant project, which will relieve some of the pressure on the local housing market, and enable more of the people who are the backbone of this resort town to secure a quality home.''
"Our contractors from Ryal Bush Demolition are working hard to clear the site so we can begin the first stage as soon as we gain consent,'' he said.
"We are proud that we are on-track to divert more than 90 percent of the demolition waste from landfill by the time this phase of work completes.''
He said the development would be a "modern, master planned community''.
Ngai Tahu was seeking input from people about the apartments, and urged people to visit its website to give feedback.
The first apartments were expected to be ready by the end of 2022.
In August, the company applied for resource consent to subdivide the 4ha site into 10 lots.
A master plan included in the application also reveals more details about the proposed development, which will feature a total of 393 units.
They will be split into 322 apartments, 40 visitor accommodation apartments, 24 terrace units and seven standalone houses.
They will range from two to three-storey buildings to five to six storeys.
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Nice to see some apartments are going to be deemed affordable. Time will tell if they are actually affordable, or just more $400,000 single bedroom concrete boxes.
And while they are at it, if the government really care about low cost housing, maybe they will stop selling public housing and build more.