As well as this, it also proposes a raised median to limit right turns and a roundabout on Aotea Quay.
The proposal for Thorndon Quay would provide part-time bus lanes in both directions and extend the two-way cycle path from Hutt Rd to the bus interchange at Mulgrave St.
"Safety will be improved by converting angle parking to parallel parking, improving pedestrian crossings and providing a dedicated cycle path."
The estimated cost of the changes is $30-35 million and would potentially remove 131 parking spaces.
Let's Get Wellington Moving will use the feedback it receives to confirm the best option for construction.
A council media release said the route was important to commuters and is the busiest bus route outside the city centre.
Greater Wellington Regional Council chair Daran Ponter said from a public transport efficiency perspective, the changes are long overdue.
"I think Wellingtonians are well frustrated with the Let's Get Wellington Moving project. There is a desire to see spades and diggers in the ground moving stuff around and making life easier for some people."