Christchurch City councillors have unanimously voted to set up a council-controlled company to manage investment in some of the city's rebuild projects.
Development Christchurch will work with communities on how to attract private sector investment, and provide advice to the council on unsolicited development proposals.
It will be loaned $1.5 million from Christchurch City Holdings Limited over each of the next three years, to cover initial set up and operating costs.
Councillor Jamie Gough said the new company was a great initiative and would go a long way towards promoting investment in the rebuild of the city and suburban areas.
"The framework we've had in place just doesn't work. The sort of things we're lacking right now it doesn't take a rocket scientist to find our that we're incredibly low in hotels - we need to have hotels here.
"The structures we have in place and the investment proposition just isn't attractive enough."