Renfrewshire Council has said the multi-million pound investment would see the town transformed over the next decade.
Around 800 jobs could be created through the scheme, while an additional £45m could be contributed to the economy each year.
The plans outlined within the Paisley Town Centre Heritage Asset Strategy was approved by the local authority earlier this year and would see the town's cultural, architectural and industrial heritage as the basis of its regeneration programme.
Proposals include the transformation of Paisley Museum into a national museum of textile and costume; the construction of a Paisley fashion and design centre in the town's High Street, and a study into a new theatre space.
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Mark Macmillian, Renfrewshire Council Leader, said: "It is no exaggeration to say this launch could mark a turning point in the recent history of the area, leading to lasting positive change for all of Renfrewshire.
"Paisley has a wealth of assets to be proud of – the second-highest concentration of listed buildings in Scotland, our historic place at the heart of the global textile industry, and our thriving events, arts and cultural scene to name just three.
"Those assets will be used as the engine to drive regeneration throughout the whole area – and all of Renfrewshire will share in the economic benefits. But what we are aiming at is bigger than anything the council could do by itself. Paisley's biggest asset is its people – and this process will be led by them, for them."
Photo courtesy of Renfrewshire Council. Caption: Paisley untold story - Councillor Mark Macmillan with kids from PACE theatre group.
(JP/MH)
