At the helm of the ambitious regeneration plan is Social Development Minister Margaret Ritchie, who said her aim is to connect the west of the city with the main shopping district.
The scheme will include a new street between Fountain Lane and Chapel Lane, linking Donegal Place with Castlecourt shopping centre.
A new city centre square, 'Fountain Square' has also been proposed.
The city's Bank Square has also secured £5 million of investment.
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Minister Ritchie said: "The Westside regeneration proposals are innovative, radical and achievable, fully in line with my Department's Regeneration Policy for Belfast City Centre.
"I am promoting new sustainable development, sensitive to the area, with active ground-level street frontages and an open network of streets and squares," added the minister.
The main aim of the scheme, which forms part of the overall, citywide Streets Ahead project, is to redevelop the "core" of the area, by incorporating a new street between Fountain and Chapel lanes, linking them with Donegall Place.
This phase of the scheme will create a new square. It is hoped Fountain Square will increase footfall for all the retailers in the area.
The next stage of the scheme will strengthen access to the city centre from west Belfast. This will be achieved by integrating Greater Castle Street with Donegall Place.
Plans have also been announced for an additional 322 residential units within the scheme, 20% of which will be affordable housing.
Public consultation on the plans will close at the end of September.
Should these proposals get the green light, the department will adopt the master plan early next year.
(PR/JM)
