City council to choose between developers Hammerson and Land Securities in October.

Two developers are vying for the £500m regeneration of a brownfield site in Bristol city centre.

Hammerson and Land Securities have been shortlisted for the scheme which will be overseen by Bristol City Council. The winner will be named in October.

Both developers have revealed masterplans to expand the east side of Broadmead, the city’s retail heart, identified by the council last year as an area ripe for redevelopment. It has predicted that the area can grow by up to one-third in the next six years.

Despite the masterplans, a council spokesperson stressed that the decision would be made on the developer rather than the designs.

Hammerson has established a joint venture with Norwich Union, owner of Bristol shopping centre The Galleries. Its team includes retail architect Benoy and, as urban designer, local architect Alec French Partnership.

Its proposals include 80 shops, one department store, 13 restaurants and 200 homes, as well as the creation of squares to open up historic buildings such as Quakers Friars, which will be at the centre of the scheme.

Hammerson’s masterplan also envisages opening up the banks of the River Frome to pedestrians.

Jonathan Emery, Hammerson’s UK development director, said: “Our masterplan approach will bring significantly wider benefits than a scheme that solely looks at the Quakers Friars site.”

The other developer in the race, Land Securities, is working with Henderson Investors on its bid and has appointed Chapman Taylor director Adrian Griffiths to masterplan the scheme.

It too proposes the renaissance of the Quakers Friars quarter, as well as extra retail, housing, a new pedestrian footbridge and a flagship department store.

A Land Securities spokesperson said its scheme would be divided into separate packages, each of which would be designed by different architects. The spokesperson said: “We are committed to working with the community and city council to identify the kind of architecture appropriate for the scheme.”

Both schemes are being shown at local exhibitions until September.

The two shortlisted contenders are working together on the £400m retail redevelopment of the Bull Ring in Birmingham.