Social Development Minister Margaret Ritchie said the scheme would "address some of the long-standing inequalities" in the area, as well as generate jobs for the ailing construction sector.
The regeneration proposal would include new shops and leisure facilities, plus a mix of private, social and affordable housing in lands adjacent to the Glen Road and Monagh Bypass.
Around 900 new jobs could be created by the project.
The potential to form this new neighbourhood was highlighted in a report commissioned jointly by the Department for Social Development and the Strategic Investment Board.
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Ms Ritchie said: "There is an opportunity to create a new neighbourhood and a new destination, drawing on modern sustainable design principles.
"I want to hear the views of local people on exactly what that neighbourhood could look like."
The Minister will now seek agreement from ministerial colleagues to establish a reference group to oversee the development of detailed proposals for the area.
SDLP assemblyman for west Belfast Alex Attwood welcomed the plans.
"The Glen Ten is one of the largest parcels of land in Belfast that’s available for development," he said.
"With the potential of 1400 homes, it’s self evident that the lands should be developed as the community wish, with a proper maximisation of private, social and affordable housing and other facilities."
Ms Ritchie's department is also progressing regeneration proposals for the Andersonstown Gateway, Lower Falls and Colin Town Centre areas of west Belfast.
(PR/BMcC)
