Developer Richard Peebles is looking to buy a block of central city land to turn into an International-style fresh food market.
Mr Peebles wants to develop an indoor food market, and has been looking at several sites for it.
The Star understands he is in negotiations with Otakaro Ltd to buy the land the current Re:Start Mall is on for the development.
Re:Start, which was opened in following the February 2011 earthquake and sits on Cashel St, was due to wind up at the beginning of next year.
Mr Peebles said the food market plan was "sensitive" and he did not want to comment on what site he was looking at.
"I'm looking for a site for a covered, seven day a week fresh food market," he said.
Mr Peebles is also developing the $50 million McKenzie & Willis building on High St.