The city of Newport is aiming to reinvent itself in an attempt to attract new business and jobs.
The company is seeking to raise Newport's profile
It hopes to follow in the footsteps of nearby Cardiff, which has undergone an extensive regeneration programme in its former docklands, and has been praised by a new travel guide.
The Newport Unlimited company has been created to co-ordinate the regeneration of the area and attract investment, after decades of neglect.
Newport, which was granted city status in the Queen's Jubilee celebrations last year, was hit hard by the closure of heavy steel making at the nearby Llanwern steelworks in 2001.
Meanwhile, Cardiff has been described as very trendy and "on a high" by the Lonely Planet guide to Britain.
Bosses at Newport Unlimited have said the city must follow the "success story" of Cardiff Bay just 15 miles away.
Chief executive Graham Moore said the company would target the problems, such as unemployment, which the city is facing.
The Llanwern steelworks site is being redeveloped
"We want to build off the strengths of Cardiff to make sure Newport benefits from it, and attracts some of the investment it has lacked for many years," he said.
He added that Newport must "position itself to be complementary" to other cities in the area, including Bristol, Cardiff and Bath.
Mr Moore said planners would now be consulting local people and businesses to develop their vision for the city centre.
He added that they would be working closely with existing development projects, including a £100m makeover for the city centre and a £750m housing development at the site of the former Llanwern steelworks.
"We will use those a base - we will be fully integrating them into the wider regeneration," said Mr Moore.
The building of a new arts centre, the visit of the Ryder Cup visit in 2010 and the discovery of a medieval ship on the river banks have also provided recent boosts for the city.
Newport Unlimited is being backed by £10m from the Welsh Assembly Government, £10m from the Welsh Development Agency and aid from Newport City Council.
First Minister Rhodri Morgan said the closure of Llanwern steelworks had marked "a major challenge for Newport" and he was glad the company was now looking forward.
The medieval ship was discovered on the river banks
Sir Harry Jones, Leader of Newport City Council, added he was determined the whole region should benefit from the company's work.
Work on the development of Kingsway shopping centre will start later this year - plans will include new shops and a new car park for 1,300 vehicles.
Last year, proposals to develop half of the Llanwern steelworks site to create a new suburb were also unveiled.
The development will include new housing, a primary school, industrial and commercial buildings and a range of sports and leisure centres.