As the infill of Lake Burley Griffin's West Basin nears completion, opponents to the revamp have called for a comprehensive plan for the precinct beyond 2022.
The controversial plan to turn the Acton waterfront into a public park complete with lakeside beach has caused considerable conflict with local residents, particularly raising concerns of filling in the lake and plans to build apartments on part of the site in the future.
The National Capital Authority granted approval for the project in August, with work under way by September.
Work on reshaping or "reclaiming" 2.8 hectares of the lake bed was almost complete six-months later.
Chief Minister Andrew Barr said the project was progressing on schedule as work on the 500-metre-long boardwalk began last month.
He said the boardwalk would be finished between July and September this year. The entire second stage was expected to be completed by the end of next year.
"Work on the concept design for the new waterfront park is well under way. Government will undertake community consultation on the concept design for the new public park in the second half of this year," Mr Barr said.
It was not yet clear what the next stage of the project would bring, with the government still "considering" its options. All future works would need to be approved by the National Capital Authority.
Lake Burley Griffin Guardians acting convener Irene Davies said the path beyond 2022 was not clear. She was particularly concerned about what the residential part of the site would look like and how it would impact Canberrans.
Mr Barr's vision for the precinct includes the construction of apartments, which he has previously said would be strictly controlled by federal government planning rules and be set back 55 metres from the lake edge and not be taller than 25 metres.
He said residential development at the site wouldn't commence until at least 2025.
Few details for the residential plan have been revealed, although Mr Barr has previously said apartments would number in the hundreds, not thousands.
Ms Davies was concerned the project set a "dangerous precedent" for lakefront apartments and said it shouldn't have been allowed to go ahead.
She said the heritage value of the lake, which was currently under consideration for the Commonwealth Heritage List, should be respected.
At the end of next year, Mr Barr said the precinct could play host to major events and festivals and be home to boating and other activities.
"Completion of the stage two works will see Canberrans able to enjoy a new lakeside promenade of nearly 800 metres, a landscaped park of approximately four hectares and a new public lakeside beach," Mr Barr said.
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