A final agreement for the location of the America's Cup bases has been confirmed in a $212 million project to be built on Auckland's waterfront.

The plan puts Emirates Team New Zealand's base in the Viaduct's Event Centre and casts aside an alternative in which the team would have been based on Halsey Wharf.

The final configuration had one base on a Hobson Wharf extension and up to five others on the eastern side of Wynyard Point.

Auckland Mayor Phil Goff said the plan was less expensive than previous options and required less extension into the harbour than its alternatives.

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"It allows the earlier removal of hazardous substance tanks from the southern part of the Point, is more straightforward to consent, will be quicker to construct and creates a positive legacy for Auckland," he said.

Goff said officials from all parties had worked together in what was a "robust negotiation" leading up to the final decision.

The agreement reached today was subject to approval by the Auckland Council Governing Body, which would meet on Thursday.

Construction and related costs would total $212 million and would be shared between council and Government.

Speaking to the Herald this evening, Parker said this cost was inclusive of all construction around the event - bar each syndicate's base.

"Those syndicates that are competing - they pay for that themselves. The exception to that is Emirates Team New Zealand, who are going to be located in the events centre."

Italy's racing syndicate Luna Rossa would be offered the place on the extended Hobson Wharf.

Parker said the main driver behind the change in plan was the desire to reduce costs.

"It reduced costs by $20 million, not to have the Halsey extension but to locate one of the syndicates on the extension to Hobson instead."

The plan was markedly different from the last option tabled less than a fortnight ago, known as "Point-Halsey".

The Point-Halsey option involved moving a double base for Team New Zealand from a 75m extension on Hobson Wharf to Halsey Wharf.

A second double base would have been located on Halsey Wharf and additional bases on Wynyard Point as syndicates are confirmed.

The final plan entailed only around 6,600 square metre intrusion into the harbour at Hobson Wharf, compared to 9,900 square metres drafted under the earlier option.

The plan would appease those with environmental concerns around previous options.

The final configuration has one base on a Hobson Wharf extension and up to five others on the eastern side of Wynyard Point. Image / Supplied
The final configuration has one base on a Hobson Wharf extension and up to five others on the eastern side of Wynyard Point. Image / Supplied

A group called 'Stop Stealing our Harbour' opposed the wharf expansion and wanted to stop "unnecessary" harbour intrusion.

Spokesman Michael Goldwater called the decision a "big win" for Auckland.

"Credit has to be given to David Parker for making this happen," he said.

"It really has been a massive effort from our group and other groups that has encouraged Government here."

It had not been all smooth sailing in discussions leading up to the decision, with Team New Zealand having previously expressed dissatisfaction about tabled options.

However, Parker said the final stretch had been less turbulent.

"There have been plenty of wind shifts before now but the final negotiation was easy," he said.

A resource consent application would be lodged in early April.

The plan also detailed the timing of three key events leading up to the next America's Cup.

The America's Cup Christmas Race would be held in December 2020, the Challenger Selection Series in January-February 2021 and the America's Cup match itself in March 2021.

In a statement online, Emirates Team New Zealand CEO Grant Dalton said it was a "huge relief" to have reached an agreement.

"It has been a very complex and time-consuming process for everyone so it is pleasing that all parties have seen the collective benefit of the innovative base proposal put forward by Emirates Team New Zealand late last week," he said.

"Excitingly, what we have in the agreements is essentially the start of the event build."