Homes will play a part in the growth of the Auckland waterfront, says a study on the economic benefits coming to the harbour edge.
An updated report by PricewaterhouseCoopers for the council body Waterfront Auckland has found the waterfront is on track to provide $4 billion and 40,000 jobs for the region by 2040.
Core industries on the publicly owned area of Wynyard Quarter, such as cruise ships, events, tourism and construction are forecast to grow significantly as more of the tank farm land is developed over the next 27 years.
Cruise ships, which will berth at the revamped Shed 10 on Queens Wharf from next summer, are expected to go from supporting 1750 jobs and $115 million for the region today to providing 6800 jobs and $443 million by 2040.
Income and job benefits from tourism and events, following the Rugby World Cup, Volvo Ocean Race stopover and ITU Triathlon World Championships, are projected to grow significantly.
Construction is forecast to go from $156 million of capital works since 2010 to a further $1.3 billion by 2030.
The first housing will be available at Wynyard Quarter, where construction of 1000 apartments and townhouses is planned as part of a new residential and commercial development, one block south of the area's public spaces.
There are no plans to use the council-owned land for affordable housing.
Instead, the land is being set aside for upmarket apartments at prices starting at about $500,000, averaging about $1.2 million and reaching more than $2 million for larger ones.
Auckland Mayor Len Brown said the waterfront held huge potential as a contributor of jobs and prosperity for the region.
"From cruise ship servicing to the construction industry, there is no shortage of reasons in this latest report as to why we should continue to invest in this key part of the city.
"The economic prosperity of the waterfront will have wide-reaching impacts for the whole region."
The ASB bank will become the first large tenant at Wynyard Quarter when about 1500 staff begin moving into its new $132 million headquarters this month.
Waterfront Auckland chief executive John Dalzell said the debate on the Unitary Plan had highlighted the way in which bringing people closer to their jobs in the city, would reduce pressure on infrastructure and transport and translate into economic benefits and growth.
The PWC report cost Waterfront Auckland $20,790.