In the newly proposed plan, over a million square feet of office, retail and residential buildings will be built around a civic square.
The square will be large enough to host events such as food festivals and live street performances.
On a normal day at peak times, it will be able to handle 7,000 people per hour
There will be a new pedestrian route linking the Square to the Millennium Stadium.
The street, which will be known as the Millennium Walkway, has been designed to handle large volumes of people as they make their way towards the stadium.
In the design, Wood Street has been re-developed to create a boulevard with office buildings either side. The new space has been designed to accommodate the Metro.
The masterplan demonstrates that a modern transport hub could be developed on the site of the existing Marland House and Wood Street car park. The transport interchange will include a new bus stop.
The proposed BBC Wales HQ, which has been designed by Foster Partners, is at the centre of the development. Subject to planning, the new building is scheduled for completion in 2017.
As Central Square is a major gateway into Cardiff for investors, residents and visitors, the main aim of its redevelopment is to create a positive image for the city.
By re-designing the square, the City of Cardiff council also hope to encourage more interest from investors.
The masterplan has been designed by architecture practice, Foster Partners. Senior executive partner, Gerard Evenden, is leading the project.
As a man born and educated in Cardiff, Gerard has used his local knowledge to help develop the plan.
Organisations such as Network Rail, Cardiff Bus, Arriva Trains Wales, the Millennium Stadium, St David’s Shopping Centre and Diversified Cymru have all been involved in the development of the scheme.