Auckland councillors have backed the plan to build an America's Cup Village on the waterfront.
They voted unanimously in favour of the $212 million deal, of which the council will pay nearly half.
Councillors sought assurances about whether the benefits and jobs would reach the city's west and south, not just the city centre.
In a muted debate, a third of the councillors were absent and three didn't speak.
The mayor, Phil Goff, said he was happy.
"The vote was unanimous and I can't say that if all the councillors were here it would have been unanimous. People knew that it was on, those that were able to make it made it and those that came here voted unanimously for this proposal."
A new planning consent will be sought for the plan to extend Hobson Wharf, build up to five bases on Wynyard Point, with Team New Zealand housed in the existing Events Centre.
Seven of the 21 councillors were absent, and three of those who attended, did not speak.