The first residents have already moved into the 169-lot subdivision, which was sold out in June last year only three months after going on sale.

Roadcon claimed the rapid sale of the lots fast-tracked the land release process by about 18 months, with many residents now preparing to move into their new homes.

Mr Agterhuis said the success of the subdivision, which he is confident will win more awards, demonstrated "a perfect example of what can be achieved by people in the community working together".

Three levels of government, as well as the Environment Protection Authority and Roadcon contributed to the Canadian Lakes development.

"We've taken a highly degraded creek and turned it into the beautiful lake and parkland environment," Mr Agterhuis said.

More than 130,000 trees, plants and grasses have also been planted on the 16ha estate, while arsenic-contaminated soil and other industrial rubble that had existed at the site for many years has been removed.

"We've cleaned up a highly degraded and toxic area of public land and it is now a parkland. We had our objectors early on, but these same people are now acknowledging this project as an asset

"There has been tremendous feedback about how good an environmental outcome it has been," Mr Agterhuis said.

Another positive aspect has been the construction of a major retardation basin on the Canadian Creek, which will significantly mitigate downstream flooding issues in homes and the Ballarat CBD.

Roadcon has started its next Ballarat subdivision at Macarthur Park, which it claims will be developed in the "same environmentally conscious vein".

"We consider ourselves environmentally conscious developers. We have put in a lot of our own money, but we are business people and having the lake and the parkland increases the value of the land.

"But I see this as the best win-win for the community I've seen as a developer."