A basin full of la dolce vita

America's Cup legend Sir James Hardy says the old Viaduct Basin used to look like the proverbial dog's breakfast.

Now the Australian dubbed Gentleman Jim, who challenged unsuccessfully for the Auld Mug three times, says Auckland's waterfront is the cat's whiskers.

And so it should be given the $125 million spent on transforming the industrial wasteland into an entertainment playground.

The public plainly agrees with Gentleman Jim.

More than 3 million New Zealanders and thousands of tourists have visited the village during the competition.

Crowds well in excess of 100,000 packed the area during the finals to watch Team New Zealand whitewash the Italians.

Of course, yachting was not the only attraction. Bars, shops, cafes and restaurants played their part in enticing Kiwis downtown.

Sitting at a seaside table with drink in hand seemed to be the preferred activity for most during the racing, while those with sea legs ventured forth on cruise boats or friend's boats for a closer look.

Then there was the array of gin palaces - a billion dollars' worth of floating luxury hotels brought to town for the event by property barons, Internet princes and sundry captains of industry. They are now gone and the Cup stays in New Zealand.

The question retailers ask is can the good times last? Or when will the bubble burst?

The free-spending tourists - North Americans cough up $267 each a day on average - may have made their presence felt but retailers must count on the domestic dollar to keep business afloat.

Many are expecting businesses built on Cup hype to fail.

Those punters turned away from certain "elite" establishments will no doubt have a short list of restaurants and bars they hope will go belly-up.

But helping business on the basin will be the 400-plus apartments constructed around the area, many pre-sold.

More apartments may be built if Infrastructure New Zealand decides to sell its Halsey St site, which hosted the challenger's yachts, in favour of a 300-unit apartment block.

Others confidently predict that the Viaduct Basin has established itself as a premier entertainment area in the city.

It may be arrivederci, Prada, but la dolce vita looks like it may be here to stay.