Coventry City Council (CCC) has unveiled its masterplan for a comprehensive redevelopment of the city centre.

Proposals for the ambitious project, which is expected to cost around £1bn, have been drawn up following an extensive public consultation earlier this year. Designed by architects The Jerde Partnership, the vision for the revamped city centre includes the creation of green parks, open spaces, and a waterway following the River Sherbourne through the middle of a new shopping centre. A new library is also at the centre of the proposals.

Some of the city's existing post-war squares, designed by Donald Gibson, will be restored and enhanced, while views of the city's historic three spires will also be retained. Leader of CCC, Ken Taylor, said: "The people of Coventry have been very clear about what they want in their new city centre – green spaces, an understanding of our history and a pleasant environment that's easy to walk around and get to places.

"This is no copycat, clone shopping mall. It's distinctive, quirky and very special, and it will make the centre of Coventry unique again." Funding for the masterplan has come from landowners and retail developers in the city centre, while private sector investment is expected to fund the overall regeneration project.

John McGuigan, CCC's director of city development, said: "Coventry is in a better position than many others facing economic challenges over the coming months. The city has successfully transformed its overall economy so it is no longer reliant on old industries. Work is not expected to begin on the project for at least two years, while another public consultation has already been launched for the next stage of plans. The consultation period will run until 14 November, and a final vision for the future of Coventry's city centre is due to be published in January.