The development land to the south of the station has been unlocked following a deal with local developer Righacre to build a 665-space multi-storey car park at the adjacent Cardiff Central Station site.
This has freed up a former surface car park land and other areas around the station to become part of the masterplan area and deliver a comprehensive vision for the station neighbourhood.
Architect Hawkins Brown, which has extensive experience working on both rail and regional projects, is drawing up the masterplan.
A period of stakeholder and community consultation, followed by an initial design phase will take place over the coming months with the ambition to submit an outline planning application during 2024.
Robin Dobson, Group Property Director at Network Rail, said: “Unlocking our strategic land holdings in Cardiff has been a long-time in the making and by working with our partners at Transport for Wales, Welsh Government and the City Region we are now in position to regenerate this important brownfield site, with much needed housing, a wide mix of uses and public space.
“The introduction of Hawkins Brown and the wider team means we are perfectly placed to deliver a vision for a world-class welcome to Wales’ capital and new neighbourhoods, enabled by integrated transport infrastructure.”