KEY POINTS:
Auckland's waterfront authorities will consider throwing open the red gates to Queens Wharf if Team New Zealand brings home the Auld Mug.
The Grant Dalton-led team's 5-0 demolition of Italian syndicate Luna Rossa has set up the right to a rematch against America's Cup holders Alinghi.
And it could prove to be the spur that opens up parts of the waterfront used by Ports of Auckland.
While the nation crosses its fingers for the race series beginning in two weeks' time, provision is already being made for a defence of the cup in 2010.
Auckland City Mayor Dick Hubbard said he did not want to jinx the challenge but success would leave just three years to "roll the sleeves up".
He said one of the key matters to be explored was whether Queens Wharf could be used as a base - a move which would see the bananas and secondhand cars moved, and open up public access to the 3ha wharf.
The central business district redevelopment and Queen St upgrade would have been completed by then offering a view down the city's main street to the masts and boats at the bottom.
"That would be a stunning sight and something no other city could match," Mr Hubbard said.
"[The wharf] is used at the moment for bananas and cars and this could be the springboard to open the red gates that block it."
The wharf is owned by Ports of Auckland, which is owned by Auckland Regional Holdings, the commercial arm of Auckland Regional Council.
ARC chairman Mike Lee said the authority had asked the ports company to gradually shift east.
"We recognise the critical importance of Queens Wharf for import and export, however, we have always believed a broader use of the wharf is not incompatible with the core use.
"If we were to win the America's Cup, we would be looking carefully at locating bases along there."
The ill-fated waterfront stadium plan showed a huge public interest in freeing up the area for the public.
And the financial boost of hosting the regatta event means it is an opportunity that cannot be wasted.
Market Economics - which has forecast a $1.15 billion economic fillip thanks to the Rugby World Cup in 2011 - also researched the economic benefits of the America's Cup. It found that the preparation and defence of the 2003 America's Cup produced some $529 million of economic value to the economy while the 2000 defence generated $495 million.
Another report by the independent market and economic analysis consultancy has shown New Zealand's presence in Valencia will have generated up to $53 million for the economy here.
Judith Bassett, chairwoman of Auckland Regional Holdings, said Queens Wharf had always been a possibility for a public area.
"The America's Cup would be huge for everyone and what better opportunity to open up the wharf."
During the final defender series in 2003, an estimated 35,000 visitors flocked to Auckland, including Microsoft Corp co-founder Paul Allen and other yachting multi-millionaires.
Fears that the redeveloped Viaduct would dwindle after Alinghi's 5-0 win proved unfounded and top end property prices are predicted to go even higher if Team New Zealand is successful in Valencia in a fortnight's time.
The number of $1 million-plus homes being sold in Auckland doubled in the lead-up to the 2003 tournament. At the same time, the number of properties selling for more than $700,000 increased by more than 70 per cent.
The America's Cup was partially credited with the boom, as it helped put Auckland on the international property map.
Rachel Dovey, Bayleys Auckland central residential manager, said she would anticipate another spike in interest, with the limited number of properties powering extra demand.
"There will be an added attraction in being there because there's nothing like sitting on your balcony with a chardonnay watching the boats.
"There's a kind of fever of interest, which is no surprise when you consider Auckland's love affair with the water."
City ready to host racing
Authorities in Auckland insist they are ready and prepared to host an America's Cup, even if the Queens Wharf project collapses.
The old Team New Zealand base and the former Alinghi base are still standing and could be made available again. There are also three bases from 2003 that could be used on the Halsey St Wharf.
Four bases have been demolished to make way for apartments, but Auckland Regional Holdings, which is responsible for redevelopment of the Tank Farm, says there is scope for more bases to be built on the land there to the west of Viaduct Harbour.
Judith Bassett, chairwoman of ARH, said it was also possible to house teams at nearby marinas - Westhaven or Bayswater on the North Shore. Another possibility is space at Gulf Harbour.
One thing is for sure - a defence of the America's Cup would be held in Auckland.
Rumours that Team New Zealand sponsor Emirates would push for sailing to be held in Dubai are unfounded.
The Government backed Team New Zealand with $34 million for the Valencia challenge. Part of that deal was that success would see the next tournament contested in Auckland.
An America's Cup success could bring on board more sponsors.
Alistair Davis, Toyota NZ chief operating officer, said it was premature to talk about sponsorship for the future.
"But given that we are the longest serving sponsor, and stayed loyal when everyone else deserted, it's fair to say we would like to stay there if we can."
The company had been involved with Team New Zealand and the America's Cup since 1992, which had helped raise Toyota's profile in Europe as well as here, he said.
