Scottish Enterprise Dunbartonshire is proposing a 100- bedroom hotel, holiday apartments, restaurants and shops. The plan also includes a pier for small boats, a village square in Balloch and footpaths along the River Leven.
Chief executive Dave Anderson said Loch Lomond Shores needs to become a year-round visitor attraction offering overnight accommodation and leisure activities to realise its potential.
"The masterplan framework has been created to help us achieve that objective. The proposals offer potential to create significant new employment opportunities and continue the regeneration of Balloch village," said Anderson.
But Robert Maund, chairman of the Scottish Council for National Parks, was critical of the masterplan, describing it as "more geared to finance than the concept of a national park".
Maund added: "The problem is that a lot of these applications are going to be considered ad hoc before a coherent plan for the national park has been made available."