A billion dollar Queenstown development has been given a green light by an independent fast track consenting panel.
It was referred to the Government's expert consenting panel last year under the Fast Track Consenting Act 2020.
The application has been granted with conditions, including engaging with mana whenua throughout the development.
The project was revised earlier this month to reduce the buildings heights, which will mean fewer co living units and car parks, after the panel signalled it would decline consent if changes weren't made.
"We wish to record that this decision was reached by a narrow margin, and our views did not crystalise until very late in the drafting," the panel said in its decision.
"We regard as critical the changes we require to the top of the proposed buildings to achieve an acceptable degree of preservation of the townscape character of the zone, despite the buildings considerably exceeding the height limits for the Lakeview Sub-zone."
Earlier estimates from Insight Economics suggested a forecast one-off boost to GDP of $930 million and an estimated 595 permanent jobs created during the construction lifecycle of the precinct, with the initial stages creating 370 jobs regionally.
The decision was made 145 working days after the application was lodged with the Environmental Protection Authority, excluding 50 working days to allow for the application to be refined further.
The project is being developed by a trans-Tasman consortium of Ninety-Four Feet, Centuria Capital and Britomart Hospitality Group, in partnership with the Queenstown Lakes District Council.
Construction is expected to begin late next year.
The Master Development Plan said Lakeview aspired to be smart and sustainable, creating a new standard for development in Aotearoa.
"Located just four hundred metres and five minutes walking from Queenstown's centre and waterfront, Lakeview will contain generous retail space, gallery, apartments, co-living, co-working, hotels and restaurants," the plan said.
"Lakeview will create a diverse range of public and private spaces within the precinct in the form of plazas, courtyards, laneways and will reinforce the surrounding Ben Lomond landscape by visually connecting it through the site."