Maps detailing the plans were on display this week at Carrick Town Hall with a public meeting on the scheme expected to take place in the autumn.
Modelled after similar successful projects in Carrick town centre and Whitehead, the initiative is part funded by the Department of Social Development.
Councillor Andrew Wilson, a member of the masterplan working group, indicated the scheme aims to give the village a recognisable focal point.
“All of the plans have to be in place for the new Mid and East Antrim Council to adopt in March next year, but we are well on schedule to do that,” he said.
“The main focus of the masterplan is to give Greenisland a definite centre; at the moment it doesn’t really have that and we are working to deal with the sense of disconnect that currently exists in parts of the village.”
Among the most ambitious aspects of the masterplan is the planned retail hub, to be located at the existing shops within the estate.
The potential for a community ‘Greenway’ - a combined cycle and pedestrian path - has also been outlined, with the route expected to pass through lands between the Upper Road and the railway track.
Meanwhile, a ramblers’ pathway aims to provide better access to the County Antrim War Memorial at Knockagh with scope for a cafe and visitors’ facilities.
A hub for sports and recreation and improved park and ride facilities at the village’s railway halt are further elements within the scheme, which also aims to improve links with the nearby University of Ulster campus and the coastal path.
URS Consultancy has been appointed to develop the plan and has engaged with a number of representatives in the area with the final stage of public consultation planned for next month.
“After March 2015, the scheme will pass to the Community Planning Committee of the Mid and East Antrim Council,” Cllr Wilson explained.