Dreams of new beginnings and independent living were born with the turning of the first sod at the $120 million over-50s lifestyle property in Wangaratta, Lincoln Place on Friday.

Located at the corner of Lindner and Reith roads, some 227 new single-storey homes will be built, creating an exciting place for people to live in the foot of the Warby Ovens National Park.

Stage one civil works will start later this month, housing construction later this year, and the first residents will move in by mid-2027.

About 50 homes will be build in each stage until it reaches the project total.

There has already been solid interest with 150 already registering for an upcoming information session on how to buy one of the sought after homes, with 80 per cent of that number already living locally.

Lincoln Place executive general manager (EGM) development, Angus Johnson, explained that the model of living enables people to buy and own their house while renting the land.

This will involve a site fee that gives homeowners access to all the community facilities and amenities and the events that are supplied by Lincoln Place.

Mr Johnson said residents will also be exempt from council fees, exit fees or deferred management fees so there will be one weekly fee [in the $200s] that gives people access to all the facilities in a community that is strong, secure and safe.

"House prices are expected to range from in the $400,000s to the early $600,000s depending on the size and vendors are able to sell their home to anyone over 50 if they decide to leave.

Mr Johnson said the community will have access to a clubhouse that incorporates a fitness centre, indoor and outdoor pools, a major lounge and dining space with a kitchen and sports bar area, along with pool table, darts, a theatrette, and VR golf.

It will be a place where residents can invite their children and grandchildren into the community to visit to enjoy the facilities as well.

"Lincoln Place became interested in Wangaratta because 38 per cent of the population is aged over 55 years old, it is a thriving city and the retail and healthcare facilities are really important," he said.

"There is a council we could work with and a community that's looking for something like this."

There is a gap in the market between aged care and owning a family home and Mr Johnson said independent living gives people the ability to downsize before they need assisted care.

The broader region is a key investment area for Lincoln Place because there are residents who grew up in Wangaratta who are returning to retire.

"It also has an existing residential population that needs an offering like a lifestyle over-50s community," he said.

"We see that the township is growing and economic investment in the township is growing so there is an opportunity that people want to be here."

It's important for the older demographic to live in the friendly, shared community as Mr Johnson said loneliness is a real issue for older Australians.

He said by creating communities where people are of similar ages and stages of life their, connections are very good and they understand where other people are at.

City Mayor Irene Grant praised the efforts of the business and remarked that the development will be a positive for the area.

"It's a very important boost to our economy and we're always grateful when people come to Wangaratta and are looking to invest in our community," she said.

"Instead of living in a big house on your own you're able to live in something more affordable, easier to look after and you're surrounded by people of your generation.

"Facilities like this have shown how they work in other locations and there's no reason why it won't work in Wangaratta."

An information session will be held from 10am-12pm [fully booked] and 1pm-3pm on Wednesday, 18 February at Quality Hotel Gateway Wangaratta.