The North Oamaru Business Park is well under way with four sites definitely "earmarked" by tenants and another four sites pending with various options being reviewed by prospective investors.
Marketing agent Tony Spivey Snr said interest and feedback has been very good.
"The park is now well under way," he said.
"Installation of underground services on the site is on schedule and once this is completed, a start will be made on roading, kerbing and channelling and a wider entrance way.
"Landscaping will also be done at the entranceway to the business park."
Mr Spivey Snr said it was great to see work progressing well.
"It is one of the best things to happen to Oamaru and North Otago in a long time and it is great to see local businesses involved," he said.
Local companies involved in site infrastructure work include Whitestone Contracting and Network Waitaki.
The project is being managed by Beca, one of the largest employee-owned engineering and related consultancy services companies in the Asia-Pacific region.
Mr Spivey said the infrastructure work would be completed by April and work would then be progressed, applying for individual titles for each of the lots.
"Waitaki District Council are to be congratulated on supporting this project and seeing it through to fruition," he said.
Work is also due to be done by Network Waitaki to move cables underground, replacing overhead wiring at the front of the park and along the Thames Highway in readiness for the development.
The park development is being carried out by Oamaru Land Holdings, whose directors are Andrew and Michael Carpenter of Auckland.
The land was originally owned by Horotomi Ochi, founder and majority shareholder of Nikken Seil, who bought more than 500ha in North Otago in 2000, including Teschemakers, the former Catholic girls' boarding school.
It was Dr Ochi's aim to develop a $20 million business park but he died before the plans could come to fruition.
Stage one of the Oamaru Business Park comprises 17 serviced lots.