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Announcing the scheme, Social Development Minister Margaret Ritchie said no town centre can afford to be complacent in the current tough economic conditions.
She stressed the importance of a clear vision for urban areas, and sound plans as to how that vision is achieved.
The town centre masterplan lists 41 initiatives which will help direct Ballymena's regeneration over the next 10-15 years.
These initiatives range from the identification of key development sites, improved public realm, measures to positively influence perceptions of the area’s safety to improved sustainable transport.
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Ms Ritchie said it is important that her department works with all the stakeholders to prioritise initiatives and ensure they are taken forward.
"The regeneration of Ballymena is vital to the local people, and I will strive to ensure that all works reflect the aspirations of everyone involved," she said.
Ballymena Mayor Maurice Mills said: "We appreciate that we are in difficult economic times. However, Ballymena Borough Council is committed to doing all we can to minimise the impact in our town by planning for the future.
"This Masterplan will go some way in achieving that, making our town ready for the challenges ahead."
Ballymena Town Partnership Chairman PJ McAvoy welcomed the launch of the masterplan.
"We look forward to working together to see the plan being implemented over the next few years and believe it will have a positive impact on Ballymena as a whole," he said.
(PR/JM)
