The masterplan sets out plans to redevelop the city centre over the next 15 years and includes the regeneration of Market Square, the creation of a 'business district', the revitalisation of Smithfield Square, a new 'retail destination' in the centre of the city and additional public realm space.
There are also ambitious plans for the city centre, which includes a new hotel in Market Square and a 50,000 sq ft foodstore at the junction of Bachelor's Walk and Antrim Street.
The redevelopment of Smithfield Square has also been proposed, with the aim of accommodating an 11,000 sq ft department store.
Work is already underway to bring forward the first stages of the masterplan, with a private developer seeking planning permission for an office, hotel and residential development in the Laganbank area of the city.
Efforts are also being made to improve the public realm space in the Bow Street and Market Square areas of the city centre.
Chairman of Lisburn City Council's Economic Development Committee, Councillor Jenny Palmer has welcomed the launch of the masterplan and has said it will be a roadmap for the future development of the city.
"This plan represents an investment framework for the city council and its partners in the private sector and public agencies to bring step change to our local economy and to encourage new investment into the city," said Mrs Palmer.
"Lisburn is already performing very well but this masterplan sets out a roadmap for the future that will secure the long term economic growth of the city."
What do you think of the plans for the regeneration of Lisburn City Centre? Do you think they are too ambitious? Do they go far enough? What other changes would you like to see in the City Centre over the next 15 years? Let us know your thoughts by contact Ulster Star, 12A Bow Street, Lisburn, BT28 1BN. Alternatively, email your opinions to [email protected]
See this week's Ulster Star for more.