The Inveraray Project Masterplan is part of a wide-ranging programme to regenerate and revitalise the historic town.
Features include renovating five landmark buildings, building 180 homes, community facilities, tourism and hotel provision as well as business units.
Work on four of the landmark buildings - the Town House, Chamberlain's House, the Old Temperance Hotel and Relief Land - is already complete. The fifth building (Arkland) is expected to be complete by summer.
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The council has invested £350,000 and Historic Environment Scotland £970,000 in the conservation of these important buildings as part of the Inveraray Conservation Area Regeneration Scheme (CARS). Further funding was secured from the property owners, Argyll Community Housing Association and private sector housing grant.
In addition, play parks will also be developed while 45 of the future homes have been designated 'affordable' housing. Land between two existing housing developments in the west of the town has been earmarked in the plan for the homes.
Angus Gilmour, the council's head of planning and regulatory services, said: "The Inveraray Project Masterplan is key to unlocking the full potential of Inveraray as a place in which to live and invest.
"It is vital in the continued regeneration of the town and will play an important role in helping grow the economy of Argyll and Bute.
"A great deal has already been done in Inveraray by the council and its partners to regenerate the town. This important plan will enhance those significant improvements."
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