Ngāti Whātua Ōrākei has launched a new Māori-led investment initiative, Te Tomokanga ki Tāmaki - The Gateway to Auckland.

Iwi deputy chairperson Ngarimu Blair made the announcement on Wednesday while speaking at the National Iwi Chair Forum hosted by Ngāti Whātua Ōrākei on Auckland's waterfront.

It was followed by an announcement of plans to transform Auckland's skyline through the redevelopment of the contested Auckland Downtown Carpark into a 56-storey skyscraper with areas for retail and eateries.

Speaking to a crowd of iwi and business leaders, Blair said the initiative was designed to be collaborative and was underpinned by tīkanga Māori.

"As tangata whenua and iwi of the Waitemata we embrace our responsibility to manāki, care for, and uplift each other. Through Te Tomokanga ki Tāmaki we are creating opportunities to invest alongside other iwi."

The tower development is guided by tīkanga Māori. Photo: Supplied / Precinct Properties

"This is our chance to share in the economic prosperity of Tāmaki Makaurau. A city that has hurt us so much, but a city that offers not only us, but all of you, a opportunity to thrive."

Blair said the Auckland Downtown Carpark was "one of the most sought-after investment sites" in the city and the redevelopment would become a new symbol of the city.

Ngāti Whātua Ōrākei is one of the largest landowners in Auckland with a commercial portfolio of around $1.5 billion.

They have partnered with property developer Precinct Properties for the project. Blair said the "generation defining development" was open to investment from Māori.

"We want to open up our opportunities to you, our iwi partners, with a shared tīkanga and purpose." he said.

An artist's impression of the new building proposed on the site of the Auckland Downtown Carpark. Photo: Supplied / Precinct Properties

Speaking to RNZ, Blair said the project was major and would take close to 10 years to complete.

"It will be the largest building on the skyline once it's open. Too big for us to handle, which is why we're offering it for those who, an investment like this, might suit their risk profile.

"It's for those thinking 'How do we invest in Auckland?', the economic powerhouse, and how do we do that as Māori?"

The project had taken a couple years to fully get under way, Blair said.

"That's the thing with Auckland properties. Some people think it's really easy. Auckland property is actually pretty tough, the property game.

"That's why lots of companies start up and fall over - there's a long way to go yet though."