Yesterday the club released plans for a new $1.6 million to $1.9 million facility at its site on the shore of Lake Wanaka.
Club commodore Jeff Mercer said a large amount of money would need to be found to fund the three-level, 558sqm building,
Funding organisations had been approached and had shown interest in helping with the development, he said.
With a rapidly growing membership of about 200, the club was stretched to its limits and the older building was starting to show its age.
``We've outgrown the building we are in, and we are looking for more storage, as well as purpose-built changing rooms.''
New Zealand yachting legend Russell Coutts has backed the plans and said the development could help Wanaka secure national and international yachting regattas.
When finished, the new building would be almost four times as big as the club's current base and also include a lakeside cafe.
The cafe would have limited opening hours and would support ongoing costs and support the club's youth sailing programmes.
An independent feasibility and sustainability study would now be carried out before a resource consent application was made, before the end of the year, Mr Mercer said.
``There's going to be lots of hoops for us to jump through and we need to take them one at a time ...
``We could get some opposition but the neighbours have all said they like the idea, which is a good start.''
Because the new building was on the club's existing site rather than a new one, the consent process would hopefully be straightforward, he said.
``The fact that we are here is going to be easier to get through than starting again.''
Plans for the redevelopment have been talked about for at least three years and the redevelopment of the club's base was included in the Queenstown Lakes District Council's foreshore management plan and lakefront development plan for Wanaka.
There were discussions with the Wanaka Coast Guard to build a joint facility early on in the development of the plans for the upgrade.
The scale of coastguard's current proposal for a storage shed at Eely Point would not be compatible with yacht club's plans, Mr Mercer said.
Other community organisations and clubs would be able to use the facility for meetings and events.
