The suburb is set to be home to a new purpose-built destination dining and entertainment venue, with the construction of a multi-purpose tavern opposite District Park planned for 2021.

Mr Laundy recently purchased a parcel of land from Lendlease for the project.

Mr Laundy, founder and CEO of Laundy Group said, "being able to develop something truly new for the Calderwood Valley and broader Illawarra community is an exciting proposition".

"With the recent opening of The Locker Room at Olympic Park and The Marsden Brewhouse in Western Sydney, we consider ourselves to be at the forefront of design and construction of these exciting new venues," Mr Laundy said.

The development application, to be lodged later this year, will likely feature a modern bar and bistro/restaurant, multiple function spaces, al fresco dining areas with lake views, and a children's play area.

The proposed capacity and height of the venue is yet to be determined.

Construction is due to commence in 2021.

The Laundy Hotel Group has been in the hotel industry since 1945.

Their portfolio of establishments includes the Watsons Bay Hotel in Sydney and the Albion Park Hotel.

In 2019, the Laundy Hotel Group opened the Marsden Brewhouse in Western Sydney.

Arthur Ilias, development director, Lendlease said the announcement of this investment by "seasoned and respected publicans" the Laundy Hotel Group is a "win for Calderwood Valley".

"We are excited to now have the ball rolling on what will be an impressive addition to the family-friendly lifestyle offerings for residents of this master-planned community and the broader Illawarra," he said.

Lendlease's 609-hectare development is estimated for completion in 2036.

Read more: Developers are progressing with subdivisions which will unlock hundreds of new homes in the Illawarra