KEY POINTS:
An historic agreement has today been reached which will see Auckland's Tank Farm developed into an iconic centre by the sea.
The multi-billion dollar plan includes a mix of marine industry, shops, apartments and public space.
The centrepiece is a 4.25 hectare public headland park that will be jointly managed by the Auckland Regional Council and Auckland City Council.
The agreement between the Auckland City Council, Auckland Regional Council and Auckland Regional Holdings will include $230 million of public funds, while Auckland Regional Holdings will be seeking a multi-billion dollar investment from private investors for the commercial area.
The planned development will take place in four stages over the next 20-25 years, beginning with the building of Te Wero bridge to link the Tank Farm to the Viaduct next year.
The Tank Farm has been at the centre of political controversy. It caused a rift between the ARC and the city council last year when Mayor Dick Hubbard threatened to walk away from the project after claiming Ports of Auckland's price tag for the neighbouring Halsey Street wharf was too high.
But Auckland Regional Holdings chairwoman Judith Bassett hailed today's deal.
Mr Hubbard added: "We've listened to the people of Auckland who have clearly said they want us to get on with providing greater access to the water's edge."
ARC chairman Mike Lee said the plan included public space while maintaining the marine sector in the area.
"The ARC has been at pains to ensure that the marine industries are protected and can flourish into the future," Mr Lee said.
Business lobby group Heart of the City last year slammed the city council over the level of secrecy surrounding the project.
The plan to develop the Tank Farm will go out for public consultation as part of a district plan change in the next few weeks.
Key features of the deal:
* 2.4km of public access to the waterfront
* Site earmarked for an unspecified "iconic building"
* 7 hectares of public space, including a 4 hectare headland park
