Regeneration agency Gateway and lead development partner Keepmoat have commissioned a team of consultants led by Llewelyn Davies Yeang to draw up the plan by next autumn. They hope that Hull City Council will adopt it by early 2009.
The first two sites to be developed are expected to deliver around 600 homes. A series of community events will create a "2020 vision" for the St Andrew's and Newington district.
Keepmoat is expected to plough £100 million of investment into the area over the next decade.
Gateway chief executive Janet Whipps welcomed the masterplan. "This is not just about housing. It is about jobs, schools, transport, community facilities and green spaces," she insisted.