The cycle way will run from Martindale Rd to the existing St Asaph street cycle lanes. Two options have been proposed. One will leave 10 parking spaces, the other 32.
Carey Motors owner Tony Carey said he was worried about car parking being taken away.
"We are not against the cycle way as such, but our concerns are that it will wipe out most of our car parking, and also limit street turning access," Carey said.
He said the cycle way would have a significant impact on Ferry Rd businesses.
Embankment Bar manager Cheryl Edwards supported cycle ways but disagreed with the Christchurch City Council's plan.
"I suppose you do need them but you don't need to take out car parking to give the cyclists right of way," Edwards said.
City councillor Sara Templeton said the concerns of the public had been listened to and would be taken on board before a decision on which option to pursue was made.
Local cyclist Audrey Vidoni commutes on her bike on Ferry Rd every day. She was an enthusiastic supporter of the Heathcote Expressway.
"I would love to have the cycle way to feel a bit safer, particularly on the upper Ferry Rd stretch," she said.
Consultation for the cycle way closes on April 14.