The plans aim to create a riverside suburb on 36 hectares which includes the former International Garden Festival site in Liverpool.
The masterplan, by K2 Architects was launched by Liverpool City Mayor Joe Anderson at the international property festival MIPIM in March.
Plans due to be approved include up to 2,500 new homes, 4.6 hectares of commercial and leisure floor-space, a new ferry terminal and a major waterpark attraction.
Key aims of the masterplan include creating a 5km green corridor to the city centre, a remodelled coastal path as well as a new cultural ‘landmark’ venue to sit alongside the year-round waterpark attraction.
The council intends to "soft market test" the proposals this summer with the aim of identifying a preferred investment partner before the end of the year.
The Festival Park Liverpool masterplan comprises:
- Dingle Bank – The residential zone – featuring a new primary school, medical centre and community hub to facilitate the mixed-use housing.
- Jericho Wharf – Social heart of the residential zone with hotels, bars and restaurants.
- Jericho Shore – The beachfront neighbourhood with residential apartments, pavement cafes, restaurants and bars, designed around an ‘Amsterdam’ styled canal frontage.
- Festival Gardens – Retention of and enhancement of the existing gardens.
- The Southern Grasslands – To be remodelled into a natural habitat for wildlife and leisure activities.
Anderson said: "Festival Park Liverpool has the potential to be one of the UK’s great new city suburbs of the 21st century.
"This masterplan sets out the ambition to position the site as a world leader as a place to live and visit and we’re highly encouraged by the interest already being shown by developers.
"There is much work to be done and I look forward to seeing the results of the soft market testing and talking to potential partners about making this vision a reality over the coming decade."
A set of land surveys and environmental assessments are also being undertaken with the first phase of site mediation expected to begin this autumn.
There is a current outline planning consent for a 1,380 unit residential development on part of the site, valid until December 2022.