It unveiled the proposals - by Studio Egret West, Hawkins\Brown and landscape architects Grant Associates - at a press conference in the city.
The project is, in large part, a regeneration exercise, as any possible structural changes to the housing scheme are severely limited by the Grade II*-listing.
The three design firms are proposing a thorough overhaul of the estate's public spaces and have unveiled plans to bring in new pubs, restaurants and shops. The scheme will cost an estimated £163 million.
However, these proposals are facing severe resistance from local newspapers and the council's opposition Liberal Democrats, who have combined to campaign to force the buildings to be demolished.