The Auckland Theatre company wants to build a 600-seat theatre on the Auckland waterfront.
The company on Wednesday asked Auckland City Council's arts, culture and recreation committee for $5 million towards the project, which will cost almost $30 million.
The theatre will be at the Wynyard Quarter, in conjunction with the development of a new head office for the ASB Bank. There would also be a 200-seat studio theatre inside the office.
Auckland Theatre Company chair Kit Toogood says this is a once in a lifetime opportunity.
He says other theatres in the city are either too small or too large.