Lake Wendouree users will be asked to have their say on the use of the city's most high-profile leisure and activity area.
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The City of Ballarat council has put a tender out for a company to speak to all the groups that use the lake and work out how the area's infrastructure should evolve.
Neville Ivey, the City of Ballarat's director of community development, said the use of the lake was complex and that council was looking for an external company to help.
"What we are hoping to achieve from this is to understand the capacity of the existing facilities," he said.
PREVIOUS COVERAGE: Council adopts Lake Wendouree mast plan
Mr Ivey said the study was unlikely to recommend any new large-scale development but could offer suggestions to broaden the use of the lake.
"We know that some of the schools will be looking potentially at having their own facilities.
"Whilst the masterplan went some way to formalise where those locations may be, this is the next step."
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The Lake Wendouree masterplan, which was finalised in November 2017, recommended that the number of new buildings be limited, with "shared and multifunctional use" of existing buildings preferred.
It also proposed considering the construction of a new boatshed at St Patrick's Point.
Michael Hynes, senior strategic planner for sport and recreation with the council, said the study would be joint-funded with the state government.
Mr Hynes told The Courier he expected the results of the study to take shape by the end of the year.
Tenders for the feasibility study close on February 5.