LRC acting chief executive Nigel Smith said the masterplan would provide a development framework for the next 10 to 15 years.
Smith stressed that the masterplan had to be realistic.
He said: "The emphasis is on implementation and delivery, but it's also got to be challenging and aspirational."
The LRC has asked for detailed proposals for four areas of Leicester: land surrounding the recently opened National Space Centre in Abbey Meadows; Frog Island, which lies between the Grand Union Canal and the River Soar; development sites within De Montfort University campus; and an area east of the city centre.
The teams include architects, planning consultants and property agents. The lead members are: