New developments have been announced in the ongoing discussions between Emirates Team New Zealand and the government to create a venue on Auckland's waterfront capable of hosting the 36th America's Cup.
Minister for Economic Development David Parker says the new option fits Team NZ's desires while also being a cheaper, less intrusive option.
"There are still important details to work through and we are continuing to seek the lowest cost option with the smallest intrusion into the harbour, as has been our stated objective from the start," he said.
"The greater environmental benefits of a smaller intrusion would be worth tens of millions more if appropriately valued."
The three previously discussed options, which include extensions to Wynyard Basin and Halsey Wharf, and have been met with a new one being named the "Point-Halsey" option.
The design utilises land on Wynyard Point and reduces the original extension to Halsey Street Wharf to 45m while no extension would be given to Hobson Wharf.
It provides for two double bases on Halsey Stree Wharf, one of which will be ETNZ’s base and additional bases on Wynyard wharf as syndicates are confirmed.
The design evolved from suggestions by local residents and interested group and in the process became the cheapest of the four put forward while also having the least impact on the environment.
Only a 9900 square metre extension of the Halsey St Wharf is required to make the design work, whereas other options would have seen intrusions of 22,800 square metres.
Mr Parker says officials are working with Team NZ on the design and details of the new option, as well as other aspects of the overall event.
The new option has been described as "workable" by ETNZ.