He said plans would be lodged within four to six weeks.
Henzell Property Group sales director Marcus Muir with Mclean Henzell at one of the group’s Pelican Water’s developments.
"This is a marquee product which we feel will be embraced by the Caloundra community," Mr Muir said.
"We have had our eye on this property for some time, so what we have planned has been carefully considered."
Mr Muir said the development would combine luxury homes within an entertainment precinct that would attract high-end lifestyle operators from the Coast and across Queensland.
"We have already started discussions with a number of dining and retail operators and there are many more who have yet to move to the Coast as they have been waiting for the perfect location," he said.