No.1 Hansen Rd Ltd was on Tuesday granted fast-track approval by an Environmental Protection Authority panel.
It was initially planned to house up to 710 workers in 554 units across eight separate apartment buildings.
But the plans drew opposition from several groups due to the scale and height in what is considered outstanding natural landscape.
Subsequently, No.1 Hansen Rd director Eli Shellim lowered three of the buildings by one level, dropping them from four storeys to three, and reduced the number of rooms, while still being able to house the same number of residents.
It was enough to convince the fast-track panel to give the go-ahead.
Mr Shellim told Mountain Scene he was "thrilled" to have 476 apartments approved.
"It’s been a long and often arduous journey, but worth it, not only for us, but also for the wider Queenstown community."
He was "very proud" of his consultant team, which was "agile and performed exceptionally well to meet the tough timeframes and expectations placed on us over time".
He was aiming to get construction under way in October, having "pushed go" on construction documentation.
All going well, the first building will be open in the last quarter of 2025. Also in October, building will start on another two floors above the company’s recently completed carpark building, dubbed "The Motor Club", which will house another 32 apartments for worker accommodation.
Mr Shellim said they were targeting an April 2025 completion date for those.
They were "happy to look at" softening one side of the development, against a cemetery, "and we will make sure that our architecture and landscaping is something Queenstown can be proud of".
"As you know, Mason & Wales are renowned architects, and by having them on board it shows our commitment to develop an architecturally sympathetic precinct with a strong sense of place.
"The completed carpark [The Motor Club] has resulted in a stunning outcome and is testament to us doing our best to meet this objective."
In granting consent, the fast-track panel said the development would contribute to the social and economic wellbeing of residents and the community.
It would employ 540 full-time equivalent workers during the design, building and operation stages and ultimately provide worker accommodation "where there is currently a significant shortage in housing and accommodation".
