City of Swan has spent the past two years acquiring land for the redevelopment of the area bound by Morrison Road, Keane Street, Sayer Street and The Crescent.
The City now owns 75 per cent of the 11ha block.
The masterplan is somewhat of a milestone for the City, which first identified the oval as a key redevelopment area in 1968.
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READ NOWBuildings up to 12 storeys high, a piazza, playground and 13 per cent public open space (1.43ha) will constitute the proposed new heart of Midland
The City anticipates the construction of the first buildings and the precinct's road infrastructure works will begin in two to three years.
The final product will be completed in 10 to 15 years.
Council initiated a Scheme Amendment at its June 10 meeting, which rezoned sections of the Midland CBD, including Midland Oval, to "strategic regional centre" under the City's scheme.
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