Ambitious plans are being promoted to transform the centre of Leicester with almost �1bn of new investment.

The project could create up to 9,000 new jobs.

The plan is being drawn up the Leicester Regeneration Company, formed by Leicester City Council, East Midlands Development Agency, English Partnerships and some private sector partners.

John Nicholls, spokesman for Leicester Regeneration, said: " We have seen regeneration in Nottingham and Leeds and Birmingham, and we have see the Commonwealth Games in Manchester and how wonderful that was, but Leicester hasn't punched its weight in that respect.

Victorian heritage

" People will see a lot of changes in the city centre as we keep the wonderful old buildings, but change the poor areas around the ring road.

"We will see a new city with a diverse economy that is more navigable on foot."

The idea is to regenerate the city centre, the Grand Union Canal and the River Soar with money from the government and local businesses.

The �1bn investment will happen over a 10-year period.

The scheme will attempt to retain the Victorian heritage of the city, and take advantage of the city's two major universities: Leicester University and De Montfort University.

Other highlights include:

• 100,000 square metres of new retail space
• A new science and technology park
• 3,000 new houses, including a major residential area close to the city core