Construction of The Botanic Apartments on Warrnambool's Mortlake Road is expected to start before the end of the year.
Harris and Wood Real Estate agent Matthew Wood said four two-bedroom apartments would be built in stage one of the project, which will include up to 61 dwellings.
Mr Wood said interest had been strong, with one apartment under offer and a number of parties interested in the other three.
He said the site would include a number of two-bedroom apartments with the option of one or two storeys.
The first apartments are listed for $324,500.
Mr Wood said the affordable properties were proving popular.
"They're affordable and in a great location - they're close to all facilities," he said.
"We've had strong interest from local buyers."
Mr Wood said the location meant most amenities were within walking distance.
The site will also include a cafe and shops, a medical centre, a children's playground, grassed village square and an enclosed community produce garden.
A community hub with a meeting room and consulting suites will be available for visiting professionals such as financial advisors, occupational therapists or beauticians
There will be car parking available for 93 vehicles, including 22 visitor spots.
The original plan included 93 apartments, but that was scaled back.
"The Botanic team will work together to design, develop and present unique, high quality, sustainable and affordable homes," a project spokesman said.
The project would be a first for Warrnambool, the spokesman said, with a focus on community living and sustainability.
"The Botanic is a friendly and supportive community with amenities that make it easy to meet your neighbours and feel part of the place," he said.
The project will be completed in a number of stages in the coming years.
Listen to the latest episode of our weekly episode The Booletin and Beyond:
Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.