Coventry City Council (CCC) has unveiled the finished masterplan that will lead a comprehensive transformation of the city centre over the next two decades.

Designs have been drawn up by international architects, The Jerde Partnership, following extensive public consultation for the scheme, which has been valued at more than £1bn. The vision for the centre of Coventry, which will undergo its most radical overhaul since the postwar years, includes the creation of rooftop green spaces, open spaces and a waterway following the River Sherboune through the centre of a new shopping centre.

An iconic egg-shaped building has also been included in the plans, although the design may alter at a later stage, while the event space at the Coventry Arena has been reduced in size and brought down to precinct level to create a more intimate atmosphere. Ken Taylor, CCC leader, said: "This is the biggest regeneration project in Coventry for more than 50 years and it will only be successful if we work with local people and our private sector partners to make it happen.

"The egg has stayed in the final plan but we are still clear that it is symbolic of a new iconic building for the city which will be subject to an international design competition. The final design is unlikely to be an egg, but it will show how important such iconic architecture would be to Coventry." Stuart Berriman, design principal at Jerde, added: "Coventry has a very proud history but this is perhaps the perfect opportunity to shape the city for a long time into its future.

"We believe the passion and commitment of the partners and the people will ensure that this exciting scheme does not disappoint."