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With it's brightly coloured syndicate bases, scenic walkways and bustling bars and restaurants, there is no denying Valencia, the city that had its back to the sea, has done a fine job turning itself around.
The America's Cup has turned Valencia's rundown old port into one of its finest attractions. But it has come at a cost. Nearly $800 million to be exact.
In Auckland, the viaduct was owned by America's Cup Village Ltd a subsidiary of Infrastructure Auckland. It is believed to have cost around $85 million to develop, to build the yachting facilities and manage the village during the 1999/2000 regatta plus another $40 million for storm water drainage.
A drop in the pond compared to what Valencia have spent.
Once Valencia was chosen to host the event the three Governments - national, regional and local - set up a company, Consorcio Valencia 2007, to develop all the infrastructure and be responsible for the security and the access to the port. It was an area of the city of which the locals never really took much notice.
The Consorcio borrowed €500 million ($915 million) from Spain's official credit institution (ICO). Of that, $550 million was used to develop the America's Cup Port and $200 million for security and the dismantling of bases.
They have around $155 million as yet unassigned.
The $160 million that went to America's Cup Management, the body set up by Alinghi to run the cup, came directly from the Government's budget.
The Consorcio will pay back the $915 million over the next 30-35 years from money they obtain from new businesses and companies moving into the port when the cup is gone.
If they can't repay it, the national government will.
In Auckland, the syndicates had to rent land from America's Cup Village Ltd, which was costly, and construct their own bases. In Valencia the Consorcio paid for the outer shell of the bases.
Most bases cost around $2 million-$4 million. However, for teams who wanted bigger bases, like Alinghi and BMW Oracle Racing, the Consorcio paid a percentage and the syndicates had to pay the rest.
The Alinghi base cost around $14 million of which the Consorcio paid about $5 million. Teams had to furnish the inside of their bases.
Despite all the work that has gone into the port, there is nothing to say Valencia will host the event again if Alinghi are successful in their defence.
Whether the cup stays or goes, Valencia have big plans for the port.
They have launched an international 'ideas' competition for architects to get some views of what they could do in the area in the future.
Valencia 2007 spokeswoman Elena Gala said they would like to see it consist of businesses, culture, leisure, sailing and museums rather than just cafes, bars and restaurants.
