The new proposals, dubbed the Carlisle Renaissance project, include plans to build a new transport hub next to the existing railway station.
Richard Green, of Taylor Young, said the practice had 'envisaged a rediscovery of Carlisle based upon the city's strong heritage and strategic connections that will generate many new opportunities for inward investment in office, retail and residential development as well as significant improvements in public realm and the river and rail corridors.'
Other proposals highlighted in the framework include creating three new squares at Rickergate, Green Market and Citadel Station and 'significant public transport and public realm improvements along all the City's gateways'.
The designs will now be considered formally by both the city and county councils and are expected to be adopted in the late spring.
Much of central Carlisle was left under several feet of water after floods hit the city in January 2005.