The riverside scheme, which is being backed by world famous conductor Valery Gergiev, will house a music school, library and state-of-the-art concert venue.
It is hoped the centre will kick start the regeneration of the historic 18th-century town which is the capital of the Republic of North Ossetia-Alania.
The scheme is Foster's third in Russia, following on from his Moscow City Towers and his project for New Holland Island in St Petersburg.
According to Foster & Partners, the centre has been designed to 'relate the new to the old, but at the same time create a building that represents optimism for the future'.
Included in the proposals are plans to 'reinvent' the public realm between the River Terek and the city's central square.
Foster said: 'I am deeply honoured to be working with Valery Gergiev on the creation of a new music centre for Vladikavkaz.'
He added: 'This is an opportunity to address the spiritual as well as the practical needs of a community - to provide a symbol for a brighter future for a region that has suffered from a troubled history.'