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Launching the project, Social Development Minister Margaret Ritchie said the eventual plan would aim to transform the social and economic make-up of the city centre.
Under the plan, a review will be carried out on available retail space, as well as identifying the potential for office investment in the city.
The planners will also hope to encourage city centre living, and push forward proposals for late night shopping and increased hospitality and leisure activities.
Ms Ritchie said: "This is good news for the people of Lisburn. Now is the right time to focus on regenerating Lisburn’s city centre."
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The minister said Lisburn must review and reinvent itself in the face of changing economic, social and lifestyle trends.
"I am pleased that my department has been able to make this happen by providing the funding to enable this master plan to be prepared," she said.
Ms Ritchie said the city has the opportunity to become an inspiring city centre, which could act as a catalyst for urban regeneration within Northern Ireland.
It is expected the plan will promote further development opportunities within the Historic and Laganbank Quarters.
Chair of Lisburn Council's Economic Committee, councillor Allan Ewart said: "The masterplan builds on the ongoing efforts, to identify and promote further investment within the City Centre."
He said: "This report will be the foundation for future economic initiatives and will play a vital role in the future development of the council's economic development strategy."
Former Culture Minister Edwin Poots added: "I am convinced that the results of this study will have a significant contribution towards laying the foundations for future economic growth and public sector investment in Lisburn City Centre."
(PR/JM)
