Mr Town said the council was saying: "What if we create a significant urban development authority that has a much clearer and strong mandate to stimulate regeneration in partnership with the private sector and potentially with Housing New Zealand ... and iwi?"
He said the CCO would be a first for New Zealand, but the idea had been proven in growing Australian cities.
The proposed urban development CCO has emerged from a review of the council's seven CCOs.
It is envisaged the new CCO would lead to a merger of Auckland Council Property Ltd - which manages the council's surplus housing and land holdings - and Waterfront Auckland.
Mr Town said there was a realistic prospect of changes occurring between July and October next year.
A better city
• Plans being mooted for new council body to give urban development a boost in Auckland.
• Avondale, New Lynn and Otahuhu the kind of suburbs to benefit.
• Private sector, Housing New Zealand and iwi could be involved.
• Based on successful models in Australia.
