Five of the company's six development applications have been approved, including a seniors living village, tourist park, restaurant and function centre, and a children's aquatic facility.

The projects were proposed a year ago as part of a broad redevelopment that also includes a yet-to-be-approved outdoor concert venue. The future tourism, hospitality and entertainment site is known as Cedar Mill.

Stage one includes a $10 million refurbishment of the former clubhouse, which will be transformed into a provedore market, an indoor-outdoor cafe with capacity for 336 people, and a restaurant and function room with capacity for 120 people.

Alongside the hospitality precinct at the front of the site will be what the company has dubbed "Australia's largest water splash pad".

"Stage one will span across five hectares, of which four hectares will be gardens including a children's maze," Cedar Mill general manager Kyle McKendry said.

"We will grow fresh produce on site to be used in the café and restaurant. There will be a petting zoo, outdoor play area and of course the $2 million water splash pad."

The lifestyle village, which will be built by Ingenia at the southern end of the site, is expected to house 427 dwellings.

The adjacent tourist park will have 48 cabins and capacity for 252 camp sites.

Concerns about traffic impacts and parking have held up the concert venue DA, but despite the setback Winarch Capital founder Paul Lambess hopes to open Cedar Mill within about a year.

"Our sixth DA for the event space is on track and we are working with Transport for NSW on fine tuning modelling to achieve a positive outcome," he said.

"I'd like to acknowledge the diligence and hard work of Lake Macquarie council with this project, they have been amazing.

"We know this project will deliver on council's objectives of seeing Morisset recognised as a strategic economic centre."

Cedar Mill was pitched as a mixed-use venue similar to the popular Byron Bay parklands or a large winery.

It will have a natural amphitheatre capable of hosting 30,000 people, and the broader site could host about 50,000 for festivals or trade shows.

The site's proximity to Morisset train station was identified as a competitive advantage.

A new access road and shared path will be built alongside the rail line to allow for travel between the station and Cedar Mill.

The developer will also fund a $5 million upgrade of the Dora Street and Mandalong Road roundabout.