Five architecture practices have been shortlisted to design a major new leisure centre in Islington, north London.

Rogers Stirk Harbour + Partners, Grimshaw, Hawkins Brown, Pollard Thomas Edwards, and Henley Halebrown Rorrison were all successful in the first stage of a design competition – organised by Islington Council and the Royal Institute of British Architects – to replace the existing 1970s building for Finsbury Leisure Centre.

The design ideas of all teams will be shown until 23 May in Finsbury Library so that residents can give their views. At this stage, it won't be revealed which architects provided which design.

The scheme, which will cost approximately £50m (US$71.8m, €63.5m) to build, will also incorporate council houses, new public space and community facilities. Each entrant was required by the brief to outline how their design would make better use of the leisure centre's surrounding site.

"This is an exciting and ambitious project to build much-needed new council homes and a new leisure centre for local people,” said Janet Burgess, Islington Council's executive member for health and wellbeing. “We'd like local residents to see the initial design ideas and give us their views. We welcome all comments, and there will be other chances for residents to help influence the final design at a later stage."

A winning scheme will be announced in Q3.

The library exhibition will also include designs submitted as part of a young person's design competition, which ran as a shadow contest earlier this year.