It comes the same week proposals were put forward for a new £50m hotel in the area.
Social Development Minister Margaret Ritchie said the masterplan "holds the prospect of promoting new homes at the heart of Belfast."
The document is the result of extensive consultation with stakeholders on the draft proposals for the revitalisation of the Greater Castle Street area, unveiled by Ms Ritchie last year.
Minister Ritchie also revealed that a landscape architect has been appointed to produce designs to renew Bank Square.
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She thanked all those who responded to the consultation.
"I hope that they will share my view that this final plan will strengthen existing businesses trading in the area, attract new investment and provide the potential to reinforce community links from the city centre through to the west of the city."
The masterplan's ethos is to build on the area's existing strengths, with historic streets preserved and new sustainable developments promoted.
The minister said this means delivering ground-level street frontages complemented by a network of streets and squares.
"The plan proposes to revitalise the core of the area by creating a new pedestrian-only route linking Fountain Lane and Chapel Lane.
"At one end of this new street a new city centre square, to be called ‘Fountain Square’, is proposed."
In addition, several strategic development opportunity sites are identified which could be brought forward in separate phases to improve linkages to neighbouring areas.
(PR/GK)
