Glasgow City Council's proposals for Byres Road include improvements for pedestrians, safe cycle routes and spaces for community events.
Architects Benton Scott-Simmons have been appointed to prepare designs, which also aim to improve connections to the University of Glasgow's campus.
Construction work is expected to begin in late 2018.
Funding for the improvements are to come from the £1.13bn Glasgow City Region City Deal.
The project will aim to complement Glasgow University proposals to expand its campus onto the site of the former Western Infirmary.
The university said its campus expansion had the potential to create 2,500 new jobs and contribute an additional £130m to the economy each year.
The council met on Monday to discuss the findings of the Byres Road public consultation, which included:
Council leader Frank McAveety said: "Byres Road is a jewel in the crown of Glasgow's economic and social life, attracting visitors from Glasgow and beyond to its attractions during the day and at night.
"This consultation process will help to ensure that it remains in this position by informing how best to shape the Byres Road that everyone with an interest in the area wants, and I would urge all stakeholders to participate."
The next stage of consultation involves a series of public events, with the first at Hillhead Library on 23 February.

The 27-year-old was substituted after just 15 minutes in the Hammers' 3-1 win at Bournemouth.
Carroll had scored two goals in West Ham's past four games after returning to action in September 2015, following seven months out for knee surgery.
"He's a positive lad, but of course he is gutted for several reasons," said Hammers boss Slaven Bilic.
"He felt he was back and enjoying his football.
"It's not the end of the world, though. If everything goes well he will be back very soon so there is no reason to be negative.
"If it goes as we expect, then he will be back for a significant part of the season, the last 10-15 games, with enough time to make a huge impact on our season."
A former Newcastle player, Carroll joined West Ham from Liverpool for a club record £15m in June 2013.
Carroll has won nine England caps and scored twice but has not played for the national team since a World Cup qualifier against San Marino in October 2012.
West Ham are fifth in the Premier League, just a point behind fourth-placed Tottenham with 17 games remaining.

Two armed men wearing masks broke into the 44-year-old victim's house in Meadowbank Terrace at about 00:50.
During the assault the men knocked the victim to the ground and hit him repeatedly with a blunt object before fleeing the property.
Police Scotland have appealed for witnesses.
The first attacker was white with a pale complexion, in his early 20s, 5ft 10ins tall and had dark hair growth on his face, brown eyes and dark unkempt hair.
He was of skinny build and was wearing a light grey cotton zip-up tracksuit with the hood up, grey gloves, white Reebok classics-style trainers with air holes and a grey scarf.
The second attacker is in his early to mid 20s, between 5ft 6ins and 5ft 8ins tall and of skinny build.
He spoke with a local accent. He was wearing an old, black, waist-length outdoor jacket with a dark scarf covering his face and his hood up. He was wearing dark gloves.
Det Insp Alan O' Brien, of Police Scotland, said "This is a particularly vicious attack on a disabled man in his own home and we would ask anyone who saw or heard anything suspicious in the Meadowbank Terrace area in the early hours of Monday morning is asked to contact police immediately.
"In addition, anyone with any information that can help us with our inquiries and assist in tracing the men responsible should also get in touch."
A £9m redesign of a Glasgow west end road, known for its eclectic shops and cafes, has been backed by the public.
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West Ham striker Andy Carroll is facing up to six weeks out of action with a hamstring injury.
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A disabled man has been left with serious injuries after being attacked in his own home in Edinburgh.