Council officers say the privatisation of QEII Square - estimated by one commercial real estate expert to be worth $60 million - is expected to deliver at least two of the three waterfront spaces.
Funding for the third space, an uncosted upgrade of Quay St, a $40 million repair bill for the downtown seawall between Princes and Marsden wharves will be discussed as part of a new 10-year budget.
The waterfront is one of the priorities in Mayor Len Brown's draft budget which proposes continued record levels of investment in the city but billions of dollars of capital and operational spending cuts to balance the books.
The privatisation of QEII Square as part of a $300 million upgrade of the Downtown Shopping Centre by Precinct was approved in principle by a 14-7 council committee vote in May.
The process has drawn criticism. However, the release of two independent reports is expected to lead to the sale being formally approved.
The sale will also lead to Lower Queen St in front of the old Chief Post Office being turned into a pedestrianised civic space and bus services moving to Lower Albert St. A pedestrian laneway will be built through the redeveloped Downtown Shopping Centre to provide public access between the Britomart train station and buses in Lower Albert St.
Mr Brown did not want to comment on the waterfront plans until Thursday.