The development, called AMFORA (Alternative multi-functional Underground Area Amsterdam) consists of the construction of 1M m2 multipurpose space over six levels underneath the canals of Amsterdam.
The system of underground spaces, which would have links to the A10 ringroad highway, could include parking and leisure facilities.
By using this huge underground space, Engineers Strukton, architect Zwarts & Jansma and the Delft university of technology hopes to reclaim the city and improve the environment.
"With this innovative plan Strukton wants to contribute to a significant improvement of the living environment in Amsterdam.," said Senior Advisor Strukton Civil and creator of the plan, Bas Obladen.
"It is a sustainable and feasible plan. Creating a city beneath the city is not futuristic; it is a necessity in this day and age."
The plans were revealed at an international conference for the Centre for Underground Construction.