In the last race held in 1983, Boit scorched the course in 3min 28.3sec. It was his first attempt at a street mile and remains the fastest time ever recorded over a mile.
A year earlier, Walker competed in his first and only Queen Street mile, finishing fourth. He said it was a "frightening but exciting'' experience.
"In those days you started just around the top of Queen St into Karangahape Rd,'' he said. "It was a mad scramble to get around the corner first, then go flat out down the hill and finally catch your breath when the road flattened out. It was punishing on the legs but a real thrill with thousands of people lining both sides of Queen St.
"It is our hope that each Easter Monday for the next three years, at least, we can repeat those crowds, having made a change to the race start which should be more user-friendly for all runners.
"It will be a unique experience. You can run a mile on a track or while pounding the streets any day, but it is hard to beat the thrill you get from running down Queen St with crowds packed both sides of you.''
The organisers hope to work the event in with the New York Fifth Avenue Mile, which is held in September.
The Queen Street mile was first run in 1972, lapsing for 10 years before it was re-run in 1982 and 1983.
Queen Street Mile records:
1972: Winner Tony Polhill (NZ) in 3m 47.6s
1982: Winner Steve Scott (USA) in 3m 31.25s
1983: Winner Mike Boit (Kenya) in 3m 28.3s
Fastest time for a track mile: 3m 43.13s, set by Hicham El Guerrouj, of Morocco, in 1999