The master plan provides a guide for strategic ratepayer investment as and when council units renew key infrastructure, and highlights the processes, plans and policies that facilitate urban regeneration led by the community and private sector.
The plan also guides private investors looking to contribute towards town centre activities and development over the coming years.
In a statement, project spokesman Cr Owen Jackson said the plan had its origins in a community-led initiative to create a vibrant and thriving CBD.
"What was needed was a master plan that would replace ad hoc and reactive project delivery, and unlock complementary public and private investment in a purposeful strategic work programme.
"The agreed vision — Te Hokinga ki te Ngakau (return to the heart) — now reflects our shared purpose being to draw more people into our town centre.
"Our community is looking for enhanced connectivity and experience, while businesses require customers, commuters and residents to thrive."
The master plan considered and sought to balance the needs and lifestyles of the present and younger generations that Timaru was looking to attract and retain.
"We want our town centre to be celebrated and supported by residents and visitors now, and in the future.
"It is time for us to adapt to a decentralised and ageing population, ageing, earthquake prone buildings and infrastructure, and to respond to retail decline.
"It is time to breathe new life into the centre with urban living, consolidated retail, inviting, attractive social spaces and activities."
While the master plan had a multi-decade outlook, also released was the accompanying next steps summary, which outlined projects that could be delivered within the next five years.
Within its latest long-term plan, the council had committed $6million for capital projects to begin this process in years 1-5 of the Long Term Plan 2024-2034, with a further $600,000 in operational funding split across years 1-3 to support community and commercial vibrancy.
The council also committed $300,000 to replacing the Strathallan Corner toilets which, with a further $300,000 from the Ministry of Business, Innovation and Employment Tourism Infrastructure Fund, gave a total budget of $600,000 for the toilets upgrade.
Cr Jackson said the council welcomed feedback which would be used to "help shape our work programmes".
"Specifically, relevant feedback can inform preparation of the draft Strathallan Corner design to be presented for stakeholder and community consultation in late 2024.
"We are also still determining the order of priority — and the delivery detail — for the ‘top seven opportunities to increase vibrancy and your feedback will be used to help rank these opportunities and prioritise year one funding allocation."
The Timaru CityTown master plan and the next steps documents are available on the Timaru CityTown website.