Nathan Phillips Square is about to get a makeover and its new look will be chosen this week.

The city will announce plans for a revitalized Nathan Phillips Square at a press conference Friday at 10 a.m. The city has already confirmed the new space will include green space, a permanent stage, a two-level restaurant and a new skating pavilion.

The plan's budget has been set at $50 million. Coun. Kyle Rae says some aspects of the plan are already shovel-ready.

The process to choose the new design began four years ago with an international design competition.

Nathan Phillips was Toronto's mayor between 1955 and 1962.

CP24 will have live coverage of the press conference on Friday morning.