The eventual document will provide a clear strategy for managing the revamp of the two main town centres within Newtownabbey.
Consultants will provide a review of the retail capacity of the towns; an assessment of the traffic and parking issues; and recommendations on how to improve the evening economy, hospitality and commercial leisure sectors.
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NI Social Development Minister Margaret Ritchie said the masterplan will be a major boost for the regeneration of Ballyclare and Glengormley.
"It will provide a strong, clear vision for the future of the town centres and will be of significant benefit to those that have an interest in shaping their development," she said.
"Driving forward regeneration will be challenging given the current difficult economic climate. Funding to develop a masterplan, though, is an important step forward."
Newtownabbey Mayor John Scott said regeneration is important for the revitalisation of the local economy in Newtownabbey.
Iain Patterson, President of Glengormley Chamber of Commerce welcomed the development of a masterplan.
"We look forward to finding the best use of land and property in Glengormley to meet the needs of local businesses and residents and create a thriving Glengormley town centre," he said.
(PR/BMcc)
