A 20 hectare artificial reef is being constructed about 1km off Scarborough in the Moreton Bay Marine Park.
It will be the seventh artificial reef the state government has built in Moreton Bay since 2011.
Recreational fishermen will be able to drop their lines off the Turner Reef, named after former Sunfish Moreton branch chairman Bill Turner.
However, Redland anglers will have a further wait before a proposed artificial reef is built off Wellington Point.
Cleveland MP Mark Robinson promised a $300,000 reef at Wellington Point during January's election campaign.
Environment and Heritage Protection Minister Steven Miles ruled out Mr Robinson's proposal.
Mr Robinson said he would continue to lobby the government for the funding the Newman government had set aside for Wellington Point.
The state had allocated $2million in its $50million Marine Infrastructure Fund for the reefs but Mr Robinson said he was not sure where that funding had gone.
"I will fight for that reef and I want to know why the government decided to back out of that funding," he said.
Mr Robinson said the Turner Reef would take pressure off existing natural reefs and create more marine ecosystems, a boon for the bay's fish stocks.
"We are excited to give the 350,000 recreational anglers in south-east Queensland this new opportunity to wet a line, and to provide an economic boost to local tourism and small businesses," he said.
Other reefs were created when a barge was scuttled at Harry Atkinson Reef about 12Nm west of Amity Point last year and reef balls added 3Nm west of Peel Island and at the East Coochie Reef in 2013.
The North Moreton Artificial Reef, built in 2011, is about 3Nm off the northern tip of Moreton Island and was made of 25 fish boxes at a depth of 14m and is deep enough for spearfishermen.
Others are at Wild Banks, about 12Nm east of Bribie Island and the South Stradbroke Artificial Reef, made of 20 concrete cubes covering 208ha at 23m to attract reef and larger pelagic fish.