"Our concern is with the quid pro quo that if you are giving away a public space it is very important it is replaced with something of high quality," he said.
Rick Walden, who heads the council's city centre integration group, said work was progressing on a replacement public space.
Last September, the council suggested using the proceeds from the sale of the square for improving the waterfront between Princes and Captain Cook wharves.
Mr Walden said now that the council's new 10-year budget was in place, concept planning for the ferry basin could progress.
An initial concept design for the ferry basin, showing steps leading into the water, would involve public feedback.
Mr Tava said the options were on council-owned waterfront land where development plans already existed, saying the trade-off was for land the council already owned. There is no money in the budget to develop the ferry basin before 2019 - about the same time Precinct plans to complete a new shopping centre and 35-storey commercial tower on the downtown site.
On Thursday, the council's Auckland Development Committee will consider a private plan change to rezone the square from public open space to redevelopment use with a recommendation it be publicly notified. Councillor Chris Darby said the council was blindly repeating history with the loss of the square,saying it was taking an ad hoc approach without having an holistic view of the wider downtown and waterfront area.
Squaring off
•Precinct Properties set to acquire Queen Elizabeth Square
•Proceeds earmarked for new or enhanced public space
•Waitemata Local Board says no sign of new public space
•Council says ferry basin upgrade could replace the square